دانلود مقاله ISI انگلیسی شماره 48265
عنوان فارسی مقاله

ظرفیت قطعنامه ورشکستگی و نوسانات اقتصادی

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
48265 2014 13 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Bankruptcy resolution capacity and economic fluctuations
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Macroeconomics, Volume 40, June 2014, Pages 387–399

کلمات کلیدی
ظرفیت قطعنامه ورشکستگی؛ نوسانات اقتصادی منطقه ای؛ ایالت آمریکا
پیش نمایش مقاله
پیش نمایش مقاله ظرفیت قطعنامه ورشکستگی و نوسانات اقتصادی

چکیده انگلیسی

In this paper, I build a partial equilibrium model and uncover a relationship between regional macroeconomic fluctuations and bankruptcy resolution capacity that depends on the cyclicality of bankruptcy. If the frequency of bankruptcy is countercyclical, the model predicts that fluctuations are more severe in regions with lower bankruptcy resolution capacity. This is because, in these regions, banks’ bad-loan recovery costs are higher (due to the length of the bankruptcy proceedings) and their lending is more sensitive to macroeconomic shocks that impact the likelihood of bankruptcy. Therefore, shocks that increase the frequency of bankruptcy and decrease output at the same time, for example, are amplified due to a lower level of bank lending. I draw opposite conclusions when bankruptcy is procyclical (i.e., economic fluctuations are less severe in regions with low bankruptcy resolution capacity). In the second half of the paper, I find evidence indicating that bankruptcy is countercyclical and that in the U.S. states with lower bankruptcy resolution capacity, economic fluctuations, consistent with the model’s predictions, are more severe.

خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.