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dc.contributor.authorMavrotas, Georgeen_US
dc.contributor.authorVinogradov, Dmitrien_US
dc.date.accessioned2011-12-14T09:41:05Z-
dc.date.available2011-12-14T09:41:05Z-
dc.date.issued2005en_US
dc.identifier.isbn9291907243en_US
dc.identifier.urihttp://hdl.handle.net/10419/52860-
dc.description.abstractWe consider an overlapping generations model with two production factors and two types of agents in the presence of financial intermediation and its application to the Russian default of August 1998. The paper focuses on the analysis of the consequences of a sudden negative repayments shock on financial intermediation capacity and consequently on the economy as a whole. The model exhibits a ‘chain reaction’ property, when a single macroeconomic shock can lead to the exhaustion of credit resources and to the subsequent collapse of the whole banking system. To maintain the capability of the system to recover, regulatory intervention is needed even in the presence of the state guarantees on agents’ deposits in the banks (workout incentives). We compare the results for an intermediated economy with those derived under the assumption of a market economy, and draw some broad conclusions on the consequences of the crises, which are contingent on the financial sector structure.en_US
dc.language.isoengen_US
dc.publisherUNU-WIDER Helsinkien_US
dc.relation.ispartofseriesWIDER Discussion Papers // World Institute for Development Economics (UNU-WIDER) 2005/09en_US
dc.subject.jelD50en_US
dc.subject.jelG21en_US
dc.subject.jelG28en_US
dc.subject.jelE44en_US
dc.subject.jelE53en_US
dc.subject.jelO16en_US
dc.subject.ddc330en_US
dc.subject.keywordfinancial intermediationen_US
dc.subject.keywordbanksen_US
dc.subject.keywordmarketsen_US
dc.subject.keywordoverlapping generations modelsen_US
dc.subject.keywordgeneral equilibriumen_US
dc.subject.keywordregulationen_US
dc.subject.keywordtransition economiesen_US
dc.subject.keywordfinancial crisisen_US
dc.subject.keywordRussian defaulten_US
dc.subject.stwFinanzsektoren_US
dc.subject.stwFinanzintermediären_US
dc.subject.stwOverlapping Generationsen_US
dc.subject.stwRusslanden_US
dc.subject.stwFinanzmarktkriseen_US
dc.titleFinancial sector structure and financial crisis burden: A model based on the Russian default of 1998en_US
dc.typeWorking Paperen_US
dc.identifier.ppn493531386en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:WIDER Discussion Papers, United Nations University (UNU)

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