Publication: Macroeconomic Implications of Financial Imperfections: A Survey
dc.contributor.author | Claessens, Stijn | |
dc.contributor.author | Kose, M. Ayhan | |
dc.date.accessioned | 2017-12-01T18:13:01Z | |
dc.date.available | 2017-12-01T18:13:01Z | |
dc.date.issued | 2017-11 | |
dc.description.abstract | This paper surveys the theoretical and empirical literature on the macroeconomic implications of financial imperfections. It focuses on two major channels through which financial imperfections can affect macroeconomic outcomes. The first channel, which operates through the demand side of finance and is captured by financial accelerator-type mechanisms, describes how changes in borrowers' balance sheets can affect their access to finance and thereby amplify and propagate economic and financial shocks. The second channel, which is associated with the supply side of finance, emphasises the implications of changes in financial intermediaries' balance sheets for the supply of credit, liquidity and asset prices, and, consequently, for macroeconomic outcomes. These channels have been shown to be important in explaining the linkages between the real economy and the financial sector. That said, many questions remain. | en |
dc.identifier | http://documents.worldbank.org/curated/en/336871511879910570/Macroeconomic-implications-of-financial-imperfections-a-survey | |
dc.identifier.uri | https://hdl.handle.net/10986/28921 | |
dc.language | English | |
dc.publisher | World Bank, Washington, DC | |
dc.relation.ispartofseries | Policy Research Working Paper;No. 8260 | |
dc.rights | CC BY 3.0 IGO | |
dc.rights.holder | World Bank | |
dc.rights.uri | http://creativecommons.org/licenses/by/3.0/igo | |
dc.subject | ASSET PRICES | |
dc.subject | BALANCE SHEETS | |
dc.subject | CREDIT | |
dc.subject | FINANCIAL INTERMEDIATION | |
dc.subject | FINANCIAL LINKAGES | |
dc.subject | LIQUIDITY | |
dc.subject | OUTPUT | |
dc.subject | FINANCIAL ACCELERATOR | |
dc.subject | ECONOMIC SHOCKS | |
dc.title | Macroeconomic Implications of Financial Imperfections | en |
dc.title.subtitle | A Survey | en |
dc.type | Working Paper | en |
dc.type | Document de travail | fr |
dc.type | Documento de trabajo | es |
dspace.entity.type | Publication | |
okr.crossref.title | Macroeconomic Implications of Financial Imperfections: A Survey | |
okr.date.disclosure | 2017-11-28 | |
okr.doctype | Publications & Research | |
okr.doctype | Publications & Research::Policy Research Working Paper | |
okr.docurl | http://documents.worldbank.org/curated/en/336871511879910570/Macroeconomic-implications-of-financial-imperfections-a-survey | |
okr.identifier.doi | 10.1596/1813-9450-8260 | |
okr.identifier.externaldocumentum | 090224b08539b510_1_0 | |
okr.identifier.internaldocumentum | 28724101 | |
okr.identifier.report | WPS8260 | |
okr.imported | true | en |
okr.language.supported | en | |
okr.pdfurl | http://documents.worldbank.org/curated/en/336871511879910570/pdf/WPS8260.pdf | en |
okr.statistics.combined | 4892 | |
okr.statistics.dr | 336871511879910570 | |
okr.statistics.drstats | 4490 | |
okr.topic | Finance and Financial Sector Development::Access to Finance | |
okr.topic | Macroeconomics and Economic Growth::Economic Conditions and Volatility | |
okr.topic | Macroeconomics and Economic Growth::Economic Theory & Research | |
okr.topic | Macroeconomics and Economic Growth::Financial Economics | |
okr.topic | Macroeconomics and Economic Growth::Macroeconomic Management | |
okr.unit | Development Prospects Group, Development Economics | |
relation.isAuthorOfPublication | ac9fefe8-9d4d-555d-bb68-f056fd7a3790 | |
relation.isAuthorOfPublication.latestForDiscovery | ac9fefe8-9d4d-555d-bb68-f056fd7a3790 | |
relation.isSeriesOfPublication | 26e071dc-b0bf-409c-b982-df2970295c87 | |
relation.isSeriesOfPublication.latestForDiscovery | 26e071dc-b0bf-409c-b982-df2970295c87 |
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