Resolution of financial crises
Fil: Fanelli, Sebastián. Universidad de San Andrés. Departamento de Economía; Argentina.
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| Formato: | Tesis Tesis de maestría updatedVersion |
| Lenguaje: | Inglés |
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Universidad de San Andrés. Departamento de Economía
1/7/
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| Acceso en línea: | http://hdl.handle.net/10908/17700 |
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I37-R143-10908-177002025-01-29T16:32:36Z Resolution of financial crises Fanelli, Sebastián Gonzalez-Eiras, Martín Fil: Fanelli, Sebastián. Universidad de San Andrés. Departamento de Economía; Argentina. A financial crisis creates substantial wealth losses. How these losses are allocated is central to determine the magnitude of the crisis and the path to recovery. We study how institutions and technological factors that shape default and debt restructuring decisions affect the amplification and persistence of aggregate shocks. For large enough shocks, agents renegotiate. This limits the losses borne by borrowers, accelerating the recovery. The set of shocks that triggers renegotiation is decreasing in repossession costs and increasing in default costs, if the latter are public information. Private information about default costs leads to “V-shaped” recoveries: equilibrium default depresses output on impact, but by shielding borrowers’ net worth facilitates the recovery. These results are consistent with evidence from real estate markets in the U.S. during the Great Recession, and with features of the crises of Japan and South East Asia in the 1990s. Keywords: Financial crises; balance sheet recessions; default; renegotiation. 1/7/2021 16:55Z 1/7/2021 16:55Z 2019-08 Tesis info:eu-repo/semantics/masterThesis info:ar-repo/semantics/tesis de maestría info:eu-repo/semantics/updatedVersion Fanelli, S. (2019). Resolution of financial crises. [Tesis de maestría, Universidad de San Andrés. Departamento de Economía]. Repositorio Digital San Andrés. http://hdl.handle.net/10908/17700 http://hdl.handle.net/10908/17700 eng info:eu-repo/semantics/openAccess https://creativecommons.org/licenses/by-nc-nd/4.0/ application/pdf application/pdf Universidad de San Andrés. Departamento de Economía |
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Universidad de San Andrés |
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I-37 |
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R-143 |
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Repositorio Digital - Universidad de San Andrés (UdeSa) |
| language |
Inglés |
| description |
Fil: Fanelli, Sebastián. Universidad de San Andrés. Departamento de Economía; Argentina. |
| author2 |
Gonzalez-Eiras, Martín |
| author_facet |
Gonzalez-Eiras, Martín Fanelli, Sebastián |
| format |
Tesis Tesis de maestría Tesis de maestría updatedVersion |
| author |
Fanelli, Sebastián |
| spellingShingle |
Fanelli, Sebastián Resolution of financial crises |
| author_sort |
Fanelli, Sebastián |
| title |
Resolution of financial crises |
| title_short |
Resolution of financial crises |
| title_full |
Resolution of financial crises |
| title_fullStr |
Resolution of financial crises |
| title_full_unstemmed |
Resolution of financial crises |
| title_sort |
resolution of financial crises |
| publisher |
Universidad de San Andrés. Departamento de Economía |
| publishDate |
1/7/ |
| url |
http://hdl.handle.net/10908/17700 |
| work_keys_str_mv |
AT fanellisebastian resolutionoffinancialcrises |
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