Default and Endogenous Risk in a Model of Money and Credit
2003/11/18
研討會日期 : 2003-11-18
時間 : 15:00
主講人 : 李怡庭教授
地點 : B棟110室
演講者簡介 : 李怡庭教授為Ph.D. in Economics，University of Pennsylvania。
現為台灣大學經濟系教授。
其主要研究領域為貨幣理論及總體理論。
演講摘要 : We study an economy with frictions, where agents choose between spot exchange or intermediated credit trades. Default may arise due to commitment and enforcement limitations, and imperfections in the intermediation technology. Debt obligations are 'secured' by intermediary-issued liabilities representing stochastic claims on debt collections. Equilibrium trading arrangements, default risk, and prices are endogenously determined. Multiple equilibria exist: spot and credit markets can both be active, and private liabilities can circulate along with money, dominating it in rate of return. Prohibiting the circulation of private liabilities may lower welfare.
