Liquidity and asset prices: A new monetarist approach
成果类型：
Article
署名作者：
Li, Ying-Syuan; Li, Yiting
署名单位：
Fu Jen Catholic University; National Taiwan University
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2013.04.005
发表日期：
2013
页码：
426-438
关键词：
摘要：
When lenders cannot force borrowers to repay debts, assets are often pledged to secure loans. In this paper borrowers lose collateral once they renege on debts, and exclusion of defaulters occurs probabilistically, with a higher probability implying better enforcement. Increased efficiency in enforcement reduces asset prices, while raising loan-to-value ratios. If the rise in loan-to-value ratios is the dominant effect, aggregate liquidity and output increase with the advance in enforcement. Inflation raises the repayment cost by increasing the loan rate, while raising the default cost through exclusion. Consequently, inflation raises loan-to-value ratios and output only when enforcement is sufficiently efficient. (C) 2013 Elsevier B.V. All rights reserved.
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