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Macroeconomic implications of financial imperfections : a survey (anglais)

This paper surveys the theoretical and empirical literature on the macroeconomic implications of financial imperfections. It focuses on two major channels through which financial imperfections can affect macroeconomic outcomes. The first channel, which operates through the demand side of finance and is captured by financial accelerator-type mechanisms, describes how changes in borrowers' balance sheets can affect their access to finance and thereby amplify and propagate economic and financial shocks. The second channel, which is associated with the supply side of finance, emphasises the implications of changes in financial intermediaries' balance sheets for the supply of credit, liquidity and asset prices, and, consequently, for macroeconomic outcomes. These channels have been shown to be important in explaining the linkages between the real economy and the financial sector. That said, many questions remain.

Information

  • Auteur

    Kose,Ayhan, Claessens ,Stijn

  • Date du document

    2017/11/28

  • Type de document

    Document de travail de recherche sur les politiques

  • Numéro du rapport

    WPS8260

  • Volume

    1

  • Total Volume(s)

    1

  • Pays

    Monde,

  • Région

    Région,

  • Date de publication

    2017/11/28

  • Disclosure Status

    Disclosed

  • Titre du rapport

    Macroeconomic implications of financial imperfections : a survey

  • Mots clé

    financial market;access to external finance;asset price;transmission of monetary policy;rapid growth in credit;bank for international settlement;supply side;net worth;external financing;business cycle;access to finance;household net worth;general equilibrium model;Financial Sector;source of shock;real business cycle;overlapping generations model;general equilibrium framework;corporate cash flow;interest rate movement;financial sector policy;moral hazard problem;decline in investment;business cycle fluctuation;net present value;cost of construction;effects of shocks;global financial system;balance sheet effect;cost of credit;poor credit rating;investment-cash flow sensitivity;assurance to investor;interest rate decline;impact of shock;international monetary system;financial market participant;fluctuations in consumption;access to information;financial market development;formulation of policies;allocation of resource;transmission of shocks;balance sheet constraints;cash flow increase;international financial transaction;factor of production;demand for land;asset price bubble;supply of credit;interest rate change;macroeconomic outcome;empirical evidence;information asymmetry;financial stress;financial cycle;borrowing constraint;corporate finance;macroeconomic fluctuation;land price;open economy;empirical study;financing constraint;adverse selection;financial crisis;empirical work;macroeconomic implication;household borrowing;agency cost;financial factor;credit market;internal fund;transmission mechanism;household consumption;residential investment;credit constraint;labour market;financial intermediaries;financial shock;technological change;temporary shock;asset pricing;real effect;financial linkages;cross-border spillovers;adverse shock;housing finance;credit supply;transaction cost;financial variable;missing market;incomplete contract;external fund;real sector;negative shock;empirical literature;macroeconomic model;productivity shock;accelerator effect;mortgage credit;housing demand;corporate investment;macroeconomic variable;credit spread;collateral asset;consumption growth;credit growth;Real estate;oil companies;oil company;inverse relationship;perfect information;public statement;outstanding debt;liquid asset;oil price;firm size;short-term debt;internal capital;investment dynamic;research assistance;study including;current investment;ownership structure;significant correlation;agency problem;transitory income;credit extension;individual household;future market;world output;financial cost;price indexation;mortgage default;cyclical fluctuation;aggregate consumption;income shock;income growth;capital structure;marginal utility;unanticipated shock;output growth;auto loan;internal finance;expected value;household access;excess sensitivity;labour force;empirical relevance;unsecured debt;consumption effect;housing sector;oecd countries;price shock;financial intermediation;development policy;central bankers;institutional framework;price change;default risk;policy reasons;business sector;durable asset;firm level;endogenous determination;credit limit;financial channel;consumption model;credit crunch;liquidity shortage;home equity;financial disruption;future research;previous crisis;enforcement problem;financial constraint;large business;standard model;precautionary saving;household sector;international linkage;open access;saving plan;mortgage market;housing price;endogenous development;household behaviour;analytical models;Fiscal policies;fiscal policy;natural extension;collateral requirement;real variable;liquidity provision;feedback mechanism;endogenous outcomes;opportunity cost;individual consumption;market liquidity;cross-country data;developmental perspective;financial aggregate;policy relevance;crisis management;aggregate supply;market imperfection;life-time wealth;excessive levels;Bank Credit;basic model;cyclical effect;bank lending;qualitative approach;financial contract;macro model;deadweight loss;tax system;existing knowledge

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