دانلود مقاله ISI انگلیسی شماره 51410
ترجمه فارسی عنوان مقاله

عیوب بازار اعتباری و قدرت شتاب دهنده مالی: مطالعه تجربی و نظری

عنوان انگلیسی
Credit market imperfections and the power of the financial accelerator: A theoretical and empirical investigation ☆
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
51410 2010 27 صفحه PDF
منبع

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

Journal : Journal of Macroeconomics, Volume 32, Issue 1, March 2010, Pages 118–144

ترجمه کلمات کلیدی
نواقص بازار اعتباری؛ شتاب دهنده مالی؛ تایید دولت پرهزینه؛ اجرای قضایی ناقص؛ اقتصاد کینزی جدید
کلمات کلیدی انگلیسی
D82; E32; E44; K40Credit market imperfections; Financial accelerator; Costly state verification; Imperfect judicial enforcement; New Keynesian economics
پیش نمایش مقاله
پیش نمایش مقاله  عیوب بازار اعتباری و قدرت شتاب دهنده مالی: مطالعه تجربی و نظری

چکیده انگلیسی

We investigate, both theoretically and empirically, the relationship between credit market imperfections and the degree of shock amplification arising from the so-called financial accelerator. We begin by simulating a dynamic stochastic general equilibrium model with two types of financial frictions-costly contract enforcement and anti-creditor bias in the judicial system. Our model builds on the standard financial accelerator framework of Bernanke et al. (1999), to which we add imperfect judicial enforcement in the line of Krasa and Villamil (2000). According to our simulations, the power of the financial accelerator may either increase or decrease with financial frictions, depending on the source and initial level of such frictions. We then turn to the empirical investigation, based on panel data for 62 countries over 1981–1999. We rely on Djankov et al. (2005) and the World Bank’s Doing Business Database for proxies of credit market imperfections. According to our results, which are consistent with the theoretical model’s main predictions, macroeconomic volatility and the power of the financial accelerator seem to increase with contract enforcement costs, but vary non-monotonically with the degree of anti-creditor bias in the judicial and legal system.