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dc.contributor.authorMavrotas, Georgeen
dc.contributor.authorVinogradov, Dmitrien
dc.date.accessioned2011-12-14T09:41:05Z-
dc.date.available2011-12-14T09:41:05Z-
dc.date.issued2005-
dc.identifier.isbn9291907243en
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
dc.language.isoengen
dc.publisher|aThe United Nations University World Institute for Development Economics Research (UNU-WIDER) |cHelsinkien
dc.relation.ispartofseries|aWIDER Discussion Paper |x2005/09en
dc.subject.jelD50en
dc.subject.jelG21en
dc.subject.jelG28en
dc.subject.jelE44en
dc.subject.jelE53en
dc.subject.jelO16en
dc.subject.ddc330en
dc.subject.keywordfinancial intermediationen
dc.subject.keywordbanksen
dc.subject.keywordmarketsen
dc.subject.keywordoverlapping generations modelsen
dc.subject.keywordgeneral equilibriumen
dc.subject.keywordregulationen
dc.subject.keywordtransition economiesen
dc.subject.keywordfinancial crisisen
dc.subject.keywordRussian defaulten
dc.subject.stwFinanzsektoren
dc.subject.stwFinanzintermediären
dc.subject.stwOverlapping Generationsen
dc.subject.stwRusslanden
dc.subject.stwFinanzmarktkriseen
dc.titleFinancial sector structure and financial crisis burden: A model based on the Russian default of 1998-
dc.typeWorking Paperen
dc.identifier.ppn493531386en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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