Costly Collateral and the Public Supply of Liquidity

Costly Collateral and the Public Supply of Liquidity
This paper addresses two complications arising from the use of collateral requirements in debt contracts between wealth-constrained entrepreneurs and banks. First, costly asset liquidation is found to enhance the susceptibility of debt finance to interest rate volatility. Second, aggregate uncertainty in conjunction with limited bank... READ MORE...

Publication date: July 2000
ISBN 9781451854817
$15.00

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