| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27113 |
| 来源ID | Working Paper 27113 |
| The Macroprudential Role of Stock Markets | |
| Kyriakos T. Chousakos; Gary B. Gorton; Guillermo Ordoñez | |
| 发表日期 | 2020-05-11 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | A financial crisis is an event of sudden information acquisition about the collateral backing short-term debt in credit markets. When investors see a financial crisis coming, however, they react by more intensively acquiring information about firms in stock markets, revealing those that are weaker, which as a consequence end up cut off from credit. This cleansing effect of stock markets’ information on credit markets’ composition discourage information acquisition about the collateral of the firms remaining in credit markets, slowing down credit growth and potentially preventing a crisis. Production of information in stock markets, then, acts as a macroprudential tool in the economy. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Financial Economics |
| URL | https://www.nber.org/papers/w27113 |
| 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/584786 |
| 推荐引用方式 GB/T 7714 | Kyriakos T. Chousakos,Gary B. Gorton,Guillermo Ordoñez. The Macroprudential Role of Stock Markets. 2020. |
| 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 | ||
| w27113.pdf（943KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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