Credit constraints and international financial crises

Article Abstract:

The effect of a small shock to the production function in one country on another, even in the absence of any direct economic linkages, was studied based on the model developed by Kiyotaki and Moore. The results revealed that a shock was easily transmitted with a decline in the terms of trade in the presence of collateral based credit constraints and a high correlation was found between crises and terms of trade shocks due to financial frictions.

Global economy, Financial crises

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Credit market frictions and the allocations of resources over the business cycle

Article Abstract:

The presence of credit market frictions implies that the ability to survive a recession depends on efficiency considerations alone. It is possible that recessions would have a more severe impact on some of the more efficient uses of resources while sparing those that are relatively less efficient.

Influence, Business cycles, Resource allocation

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Adverse selection and the financial accelerator

Article Abstract:

A study on alterations in credit markets as financial accelerators of economic stability is presented.

Economic aspects

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