Endogenous Credit Limits with Small Default Costs

Kurzanzeige
dc.contributor.authorAzariadis, Costasdeu
dc.contributor.authorKaas, Leo
dc.date.accessioned2013-02-05T09:31:33Zdeu
dc.date.available2013-02-05T09:31:33Zdeu
dc.date.issued2012deu
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.ppn378389076deu
dc.identifier.urihttp://kops.uni-konstanz.de/handle/123456789/21441
dc.language.isoengdeu
dc.legacy.dateIssued2013-02-05deu
dc.relation.ispartofseriesWorking Paper Series / Department of Economics
dc.rightsterms-of-usedeu
dc.rights.urihttps://rightsstatements.org/page/InC/1.0/deu
dc.subjectBankruptcydeu
dc.subjectEndogenous solvency constraintsdeu
dc.subject.ddc330deu
dc.subject.jelD51; D91; G33deu
dc.titleEndogenous Credit Limits with Small Default Costseng
dc.typeWORKINGPAPERdeu
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kops.bibliographicInfo.seriesNumber2012-17deu
kops.citation.bibtex
@techreport{Azariadis2012Endog-21441,
  year={2012},
  series={Working Paper Series / Department of Economics},
  title={Endogenous Credit Limits with Small Default Costs},
  number={2012-17},
  author={Azariadis, Costas and Kaas, Leo},
  note={http://ideas.repec.org/p/fip/fedlwp/2012-048.html}
}
kops.citation.iso690AZARIADIS, Costas, Leo KAAS, 2012. Endogenous Credit Limits with Small Default Costsdeu
kops.citation.iso690AZARIADIS, Costas, Leo KAAS, 2012. Endogenous Credit Limits with Small Default Costseng
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kops.relation.seriesofconstanceWorking Paper Series / Department of Economics
kops.submitter.emailelvira.boehler@uni-konstanz.dedeu
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