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Financial sector structure and financial crisis burden : a model based on the Russian default of 1998

Author: George Mavrotas; Dmitri Vinogradov; World Institute for Development Economics Research.
Publisher: Helsinki : United Nations University, World Institute for Development Economics Research, 2005.
Series: WIDER discussion papers, no. 2005/09.
Edition/Format:   Book : International government publication : EnglishView all editions and formats
Database:WorldCat
Summary:
"We 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"  Read more...
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Details

Material Type: Government publication, International government publication, Internet resource
Document Type: Book, Internet Resource
All Authors / Contributors: George Mavrotas; Dmitri Vinogradov; World Institute for Development Economics Research.
ISBN: 9291907235 9789291907236 9291907243 9789291907243
OCLC Number: 64276913
Notes: "June 2005."
Description: 31 p. : ill. ; 30 cm.
Details: Also available from the Internet at www.wider.unu.edu
Series Title: WIDER discussion papers, no. 2005/09.
Responsibility: George Mavrotas and Dmitri Vinogradov.

Abstract:

"We 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. -- Abstract.

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