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Decoupling and recoupling

Author: Anton Korinek; Agustin Roitman; Carlos A Végh Gramont; National Bureau of Economic Research.
Publisher: Cambridge, MA : National Bureau of Economic Research, ©2010.
Series: Working paper series (National Bureau of Economic Research : Online), working paper no. 15907.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
"We develop a stylized model that captures the phenomena of decoupling and recoupling in an environment where heterogeneous entrepreneurial sectors face financial constraints in their relationship with a common set of lenders. In response to adverse shocks, a financially constrained sector must reduce its borrowing and cut down on production. In particular, as the constrained sector absorbs less and less capital,  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Anton Korinek; Agustin Roitman; Carlos A Végh Gramont; National Bureau of Economic Research.
OCLC Number: 608505345
Notes: "April 2010."
Title from PDF file as viewed on 4/20/2010.
Description: 1 online resource (15 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research : Online), working paper no. 15907.
Responsibility: Anton Korinek, Agustín Roitman, Carlos A. Végh.

Abstract:

"We develop a stylized model that captures the phenomena of decoupling and recoupling in an environment where heterogeneous entrepreneurial sectors face financial constraints in their relationship with a common set of lenders. In response to adverse shocks, a financially constrained sector must reduce its borrowing and cut down on production. In particular, as the constrained sector absorbs less and less capital, the real interest rate in the economy declines. Other sectors that compete for the same inputs (including capital) thus experience lower costs, which boosts investment, output, and profits, reflecting the phenomenon of "decoupling." As long as the shock is small, the entrepreneurial sector repays what is owed and the lenders' ability to supply funds is unaffected. For large shocks, however, the constrained sector is no longer able to honor its debts in full and lenders experience losses that erode their lending base. This induces them to cut their supply of credit to the rest of the economy, which reduces output and profit for all other entrepreneurial sectors, capturing the phenomenon of "recoupling" or contagion"--National Bureau of Economic Research web site.

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