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Title:Globalisierung und unvollkommene Kapitalmärkte: verschärft die Knappheit international anerkannter Sicherheiten Länderkrisen? PDF Logo
Authors:Fehn, Rainer
Issue Date:1999
Series/Report no.:Wirtschaftswissenschaftliche Beiträge des Lehrstuhls für Volkswirtschaftslehre, Wirtschaftsordnung und Sozialpolitik, Universität Würzburg 29
Abstract:This paper discusses the question, how a limited negative shock can push emerging economies into a severe crisis if capital markets are imperfect and if internationally accepted collateral is scarce. To this end, it is first laid out how imperfect capital markets influence real activity in a closed economy and why the provision of collateral can magnify economic cycles. This is followed by a model showing for the open-economy case that the scarcity of internationally accepted collateral can drastically raise the severity of a country crisis. This result is mainly due to the assumption of a twofold agency problem, one on the domestic capital market and another one between the home country and the rest of the world. The paper concludes with some remarks concerning economic policy.
JEL:E44
F41
F34
Document Type:Working Paper
Appears in Collections:Wirtschaftswissenschaftliche Beiträge, Lst. f. VWL, insb. Wirtschaftsordnung u. Sozialpolitik, Universität Würzburg

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