The authors analyze the implications for crisis management of inefficient financial intermediation in a country (such as Indonesia or the Republic of Korea) where firms are highly indebted. They base their analysis on a model in which firms rely on bank credit to finance their working capital needs and loan contracts entail high state verification and enforcement costs for lenders. They find that higher volatility of output, lower productivity, or...
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DETALHES
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1999/09/30
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Documento de trabalho sobre pesquisa de políticas
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WPS2185
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1
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1
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2010/07/01
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Financial sector inefficiencies and coordination failures : implications for crisis management
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initial debt
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