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Article: A dynamic general equilibrium framework of investment with financing constraint
Title | A dynamic general equilibrium framework of investment with financing constraint |
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Authors | |
Issue Date | 2003 |
Publisher | International Monetary Fund. The Journal's web site is located at http://www.imf.org |
Citation | Imf Staff Papers, 2003, v. 50 n. 2, p. 274-290 How to Cite? |
Abstract | In this paper, we provide a dynamic general equilibrium framework with an explicit investment-financing constraint. The constraint is intended as a reduced form to capture the balance sheet effects that have been widely regarded as an important determinant of financial crises. We derive a link between the value of a firm and social welfare. Using this link, we show the somewhat surprising possibility that the value of a firm can be greater with the constraint. Our model also sheds light on how the effects of productivity shocks and investors' misperception of productivity shocks may be amplified by the financing constraint. © 2003 International Monetary Fund. |
Persistent Identifier | http://hdl.handle.net/10722/85635 |
ISSN | 2012 Impact Factor: 2.312 |
References |
DC Field | Value | Language |
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dc.contributor.author | Xie, D | en_HK |
dc.contributor.author | Yuen, CW | en_HK |
dc.date.accessioned | 2010-09-06T09:07:26Z | - |
dc.date.available | 2010-09-06T09:07:26Z | - |
dc.date.issued | 2003 | en_HK |
dc.identifier.citation | Imf Staff Papers, 2003, v. 50 n. 2, p. 274-290 | en_HK |
dc.identifier.issn | 1020-7635 | en_HK |
dc.identifier.uri | http://hdl.handle.net/10722/85635 | - |
dc.description.abstract | In this paper, we provide a dynamic general equilibrium framework with an explicit investment-financing constraint. The constraint is intended as a reduced form to capture the balance sheet effects that have been widely regarded as an important determinant of financial crises. We derive a link between the value of a firm and social welfare. Using this link, we show the somewhat surprising possibility that the value of a firm can be greater with the constraint. Our model also sheds light on how the effects of productivity shocks and investors' misperception of productivity shocks may be amplified by the financing constraint. © 2003 International Monetary Fund. | en_HK |
dc.language | eng | en_HK |
dc.publisher | International Monetary Fund. The Journal's web site is located at http://www.imf.org | en_HK |
dc.relation.ispartof | IMF Staff Papers | en_HK |
dc.title | A dynamic general equilibrium framework of investment with financing constraint | en_HK |
dc.type | Article | en_HK |
dc.identifier.email | Yuen, CW: cwyuen@hku.hk | en_HK |
dc.identifier.authority | Yuen, CW=rp01123 | en_HK |
dc.description.nature | link_to_OA_fulltext | - |
dc.identifier.scopus | eid_2-s2.0-4344631815 | en_HK |
dc.identifier.hkuros | 80367 | en_HK |
dc.relation.references | http://www.scopus.com/mlt/select.url?eid=2-s2.0-4344631815&selection=ref&src=s&origin=recordpage | en_HK |
dc.identifier.volume | 50 | en_HK |
dc.identifier.issue | 2 | en_HK |
dc.identifier.spage | 274 | en_HK |
dc.identifier.epage | 290 | en_HK |
dc.publisher.place | United States | en_HK |
dc.identifier.scopusauthorid | Xie, D=7202588248 | en_HK |
dc.identifier.scopusauthorid | Yuen, CW=7101633296 | en_HK |
dc.identifier.issnl | 1020-7635 | - |