| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16642 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w16642 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574318 |
| 推荐引用方式 GB/T 7714 | Andrei Shleifer,Robert W. Vishny. Fire Sales in Finance and Macroeconomics. 2010. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16642.pdf（122KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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