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Financial sector inefficiencies and coordination failures : implication for crisis management

Author: Pierre-Richard Agénor; Joshua Aizenman; National Bureau of Economic Research.
Publisher: Cambridge, MA : National Bureau of Economic Research, ©1999.
Series: Working paper series (National Bureau of Economic Research), working paper no. 7446.
Edition/Format:   Book : EnglishView all editions and formats
Database:WorldCat
Summary:
"This paper analyzes the implication of inefficient financial intermediation for crisis management in a country where firms are highly-indebted. The analysis is based on a model in which firms rely on bank credit to finance their working capital needs and lenders face high state verification and enforcement costs of loan contracts. The analysis shows that higher contract enforcement and verification costs, lower  Read more...
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Additional Physical Format: Online version:
Agénor, Pierre-Richard.
Financial sector inefficiencies and coordination failures.
Cambridge, MA : National Bureau of Economic Research, ©1999
(OCoLC)648377046
Material Type: Internet resource
Document Type: Book, Internet Resource
All Authors / Contributors: Pierre-Richard Agénor; Joshua Aizenman; National Bureau of Economic Research.
OCLC Number: 43254968
Notes: "December 1999."
Description: 20 pages, 3 pages of plates : illustrations ; 22 cm.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 7446.
Responsibility: Pierre-Richard Agénor, Joshua Aizenman.

Abstract:

"This paper analyzes the implication of inefficient financial intermediation for crisis management in a country where firms are highly-indebted. The analysis is based on a model in which firms rely on bank credit to finance their working capital needs and lenders face high state verification and enforcement costs of loan contracts. The analysis shows that higher contract enforcement and verification costs, lower expected productivity, or higher volatility, may shift the economy to the wrong side of the debt Laffer curve, with potentially sizable employment and output losses. The main implication of this analysis for the current policy debate on crisis management is [i.e. in?] East Asia is that dept [i.e. debt] reduction, in addition to debt rescheduling, may be required as part of the process of reducing financial sector inefficiences"--Abstract.

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