Endogenous credit limits with small default costs

Kurzanzeige
dc.contributor.authorAzariadis, Costasdeu
dc.contributor.authorKaas, Leo
dc.date.accessioned2013-07-16T12:00:38Zdeu
dc.date.available2013-07-16T12:00:38Zdeu
dc.date.issued2013
dc.description.abstractWe analyze an exchange economy of unsecured credit where borrowers have the option to declare bankruptcy in which case they are temporarily excluded from financial markets. Endogenous credit limits are imposed that are just tight enough to prevent default. Economies with temporary exclusion differ from their permanent exclusion counterparts in two important properties. If households are extremely patient, then the first-best allocation is an equilibrium in the latter economies but not necessarily in the former. In addition, temporary exclusion permits multiple stationary equilibria, with both complete and with incomplete consumption smoothing.eng
dc.description.versionpublished
dc.identifier.citationJournal of Economic Theory ; 148 (2013), 2. - S. 806-824deu
dc.identifier.doi10.1016/j.jet.2012.08.004deu
dc.identifier.ppn410075302deu
dc.identifier.urihttp://kops.uni-konstanz.de/handle/123456789/24104
dc.language.isoengdeu
dc.legacy.dateIssued2013-07-16deu
dc.rightsterms-of-usedeu
dc.rights.urihttps://rightsstatements.org/page/InC/1.0/deu
dc.subject.ddc330deu
dc.titleEndogenous credit limits with small default costseng
dc.typeJOURNAL_ARTICLEdeu
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kops.citation.bibtex
@article{Azariadis2013Endog-24104,
  year={2013},
  doi={10.1016/j.jet.2012.08.004},
  title={Endogenous credit limits with small default costs},
  number={2},
  volume={148},
  issn={0022-0531},
  journal={Journal of Economic Theory},
  pages={806--824},
  author={Azariadis, Costas and Kaas, Leo}
}
kops.citation.iso690AZARIADIS, Costas, Leo KAAS, 2013. Endogenous credit limits with small default costs. In: Journal of Economic Theory. 2013, 148(2), pp. 806-824. ISSN 0022-0531. eISSN 1095-7235. Available under: doi: 10.1016/j.jet.2012.08.004deu
kops.citation.iso690AZARIADIS, Costas, Leo KAAS, 2013. Endogenous credit limits with small default costs. In: Journal of Economic Theory. 2013, 148(2), pp. 806-824. ISSN 0022-0531. eISSN 1095-7235. Available under: doi: 10.1016/j.jet.2012.08.004eng
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kops.relation.uniknProjectTitleWirtschaftswachstum und Volatilität bei endogener Finanzmarktentwicklung
kops.sourcefieldJournal of Economic Theory. 2013, <b>148</b>(2), pp. 806-824. ISSN 0022-0531. eISSN 1095-7235. Available under: doi: 10.1016/j.jet.2012.08.004deu
kops.sourcefield.plainJournal of Economic Theory. 2013, 148(2), pp. 806-824. ISSN 0022-0531. eISSN 1095-7235. Available under: doi: 10.1016/j.jet.2012.08.004deu
kops.sourcefield.plainJournal of Economic Theory. 2013, 148(2), pp. 806-824. ISSN 0022-0531. eISSN 1095-7235. Available under: doi: 10.1016/j.jet.2012.08.004eng
kops.submitter.emailleo.kaas@uni-konstanz.dedeu
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