Publication:
Macroeconomic Implications of Financial Imperfections: A Survey

dc.contributor.authorClaessens, Stijn
dc.contributor.authorKose, M. Ayhan
dc.date.accessioned2017-12-01T18:13:01Z
dc.date.available2017-12-01T18:13:01Z
dc.date.issued2017-11
dc.description.abstractThis 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.identifierhttp://documents.worldbank.org/curated/en/336871511879910570/Macroeconomic-implications-of-financial-imperfections-a-survey
dc.identifier.urihttps://hdl.handle.net/10986/28921
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 8260
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectASSET PRICES
dc.subjectBALANCE SHEETS
dc.subjectCREDIT
dc.subjectFINANCIAL INTERMEDIATION
dc.subjectFINANCIAL LINKAGES
dc.subjectLIQUIDITY
dc.subjectOUTPUT
dc.subjectFINANCIAL ACCELERATOR
dc.subjectECONOMIC SHOCKS
dc.titleMacroeconomic Implications of Financial Imperfectionsen
dc.title.subtitleA Surveyen
dc.typeWorking Paperen
dc.typeDocument de travailfr
dc.typeDocumento de trabajoes
dspace.entity.typePublication
okr.crossref.titleMacroeconomic Implications of Financial Imperfections: A Survey
okr.date.disclosure2017-11-28
okr.doctypePublications & Research
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://documents.worldbank.org/curated/en/336871511879910570/Macroeconomic-implications-of-financial-imperfections-a-survey
okr.identifier.doi10.1596/1813-9450-8260
okr.identifier.externaldocumentum090224b08539b510_1_0
okr.identifier.internaldocumentum28724101
okr.identifier.reportWPS8260
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/336871511879910570/pdf/WPS8260.pdfen
okr.statistics.combined4892
okr.statistics.dr336871511879910570
okr.statistics.drstats4490
okr.topicFinance and Financial Sector Development::Access to Finance
okr.topicMacroeconomics and Economic Growth::Economic Conditions and Volatility
okr.topicMacroeconomics and Economic Growth::Economic Theory & Research
okr.topicMacroeconomics and Economic Growth::Financial Economics
okr.topicMacroeconomics and Economic Growth::Macroeconomic Management
okr.unitDevelopment Prospects Group, Development Economics
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relation.isAuthorOfPublication.latestForDiscoveryac9fefe8-9d4d-555d-bb68-f056fd7a3790
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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