کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
964173 | 930486 | 2011 | 21 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The effects of asymmetric information between borrowers and lenders in an open economy
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
![عکس صفحه اول مقاله: The effects of asymmetric information between borrowers and lenders in an open economy The effects of asymmetric information between borrowers and lenders in an open economy](/preview/png/964173.png)
چکیده انگلیسی
This paper assesses the effects of asymmetric information between borrowers and lenders in an open economy with access to international capital markets. Information asymmetry and agency costs arise because only borrowers can costlessly observe actual returns from production. Agency costs increase the cost of external finance and lower steady state investment, capital and output. They also affect the business cycle and the central bank’s response to shocks. The long-run effects of agency costs are exacerbated in an open economy and their impact is influenced by the degree of access to international capital markets. The results thus highlight the importance of incorporating credit market interactions into open economy macroeconomic models.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Money and Finance - Volume 30, Issue 5, September 2011, Pages 796–816
Journal: Journal of International Money and Finance - Volume 30, Issue 5, September 2011, Pages 796–816
نویسندگان
Iris Claus,