کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5091002 1375655 2008 6 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
A note on Chui, Gai and Haldane's “Sovereign liquidity crisis: Analytics and implications for public policy”
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
A note on Chui, Gai and Haldane's “Sovereign liquidity crisis: Analytics and implications for public policy”
چکیده انگلیسی
This note corrects the welfare calculations in Chui, Gai and Haldane's paper on sovereign liquidity crisis [Chui, M., Gai, P., Haldane, A.G., 2002. Sovereign liquidity crisis: Analytics and implications for public policy. Journal of Banking and Finance 26, 519-544]. We show that the exact formula not only dramatically reduces the computed welfare consequences from 66% of ex-ante expected output to roughly 13%, but also changes the direction of some reported comparative static results. In addition, we clarify the difference between fundamentals-driven and belief-driven welfare costs and extend some of the sensitivity calculations.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 32, Issue 4, April 2008, Pages 624-629
نویسندگان
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