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来源类型Working Paper
规范类型报告
DOI10.3386/w16642
来源IDWorking Paper 16642
Fire Sales in Finance and Macroeconomics
Andrei Shleifer; Robert W. Vishny
发表日期2010-12-31
出版年2010
语种英语
摘要Fire sales are forced sales of assets in which high-valuation bidders are sidelined, typically due to debt overhang problems afflicting many specialist bidders simultaneously. We overview theoretical and empirical research on asset fire sales, which shows how they can arise, how they can lead to asset under-valuations, how contracts and bankruptcy regimes adjust to the risk of fire sales, how fire sales can lead to downward spirals or cascades in asset prices, how arbitrage fails in the presence of fire sales, and how fire sales can reduce productive investment. We conclude by showing how asset fire sales shed light on several aspects of the recent financial crisis, and can account for the success of the liquidity provision and asset purchase policies of the Federal Reserve.
主题Macroeconomics ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; Financial Institutions ; Corporate Finance
URLhttps://www.nber.org/papers/w16642
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/574318
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Andrei Shleifer,Robert W. Vishny. Fire Sales in Finance and Macroeconomics. 2010.
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