A MODEL OF COLLATERAL: ENDOGENIZING THE BORROWING CONSTRAINT
成果类型：
Article
署名作者：
Awaya, Yu; Fukai, Hiroki; Watanabe, Makoto
署名单位：
University of Rochester; Chukyo University; Vrije Universiteit Amsterdam
刊物名称：
INTERNATIONAL ECONOMIC REVIEW
ISSN/ISSBN：
0020-6598
DOI：
10.1111/iere.12506
发表日期：
2021
页码：
1131-1151
关键词：
摘要：
This article presents a simple equilibrium model in which collateralized credit emerges endogenously. In a frictional world, where commitment is limited and agent's actions are not publicly observable, we show that collateral can serve as a credible device that prevents the participating parties from reneging. Our theory provides a microfoundation to justify the borrowing constraints that are widely used in the existing macroeconomic models. Using the model, we explain the payment puzzle. We also show that some assets are more suitable as collateral than others with different physical properties, for example, storable asset versus durable asset.
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