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dc.creatorGilles Romero, Enrique 
dc.date.accessioned2015-09-16T14:41:33Z
dc.date.available2015-09-16T14:41:33Z
dc.date.created2010-03
dc.date.issued2010
dc.identifier.citationGilles Romero, E. (2010). Soft budget constraints in a dynamic general equilibrium model. Bogotá: Universidad del Rosario, Facultad de Economía.
dc.identifier.urihttp://repository.urosario.edu.co/handle/10336/10800
dc.description.abstractThis paper considers an overlapping generations model in which capital investment is financed in a credit market with adverse selection. Lenders’ inability to commit ex-ante not to bailout ex-post, together with a wealthy position of entrepreneurs gives rise to the soft budget constraint syndrome, i.e. the absence of liquidation of poor performing firms on a regular basis. This problem arises endogenously as a result of the interaction between the economic behavior of agents, without relying on political economy explanations. We found the problem more binding along the business cycle, providing an explanation to creditors leniency during booms in some LatinAmerican countries in the late seventies and early nineties.
dc.format.extent35 páginas
dc.format.mediumRecurso electrónico
dc.format.mimetypeapplication/pdf
dc.language.isospa
dc.relation.ispartofSerie Documentos de trabajo ; No. 81
dc.relation.urihttps://ideas.repec.org/p/col/000092/006885.html
dc.sourceinstname:Universidad del Rosario
dc.sourcereponame:Repositorio Institucional EdocUR
dc.sourceinstname:Universidad del Rosario
dc.subject.ddcEconomía financiera 
dc.subject.lembInversiones de capital::Modelos Econométricos
dc.subject.lembEmpresas::Valoración
dc.subject.lembAdministración financiera
dc.subject.lembRiesgo (Economía)
dc.subject.lembCiclo económico
dc.titleSoft budget constraints in a dynamic general equilibrium model
dc.typeworkingPaper
dc.publisherUniversidad del Rosario
dc.publisher.departmentFacultad de Economía
dc.identifier.editorialUniversidad del Rosario, Facultad de Economía
dc.rights.accesRightsinfo:eu-repo/semantics/openAccess
dc.type.spaDocumento de trabajo
dc.rights.accesoAbierto (Texto completo)
dc.type.hasVersioninfo:eu-repo/semantics/acceptedVersion
dc.source.bibliographicCitationAghion, Philippe; George-Marios Angeletos; Abhijit Banerjee and Kalina Manova (2005). “Volatility and Growth: Credit Constraints and ProductivityEnhancing Investment”. Mimeo. April
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dc.source.bibliographicCitationKornai, Janos (1998). “The Place of the Soft Budget Constraint Syndrome in Economic Theory”. Journal of Comparative Economics. Volume 26, pp 11-17.
dc.source.bibliographicCitationKornai, Janos; Eric Maskin and G´erard Roland (2003). “Understanding the Soft Budget Constraint”. Journal of Economic Literature, Volume 41, No. 4, December, pp 1095-1136(42).
dc.source.bibliographicCitationMitchell, Janet (2000). “Theories of Soft Budget Constraints and the Analysis of Banking Crises”. Economics of Transition, Volume 8 No. 1, March, pp 59-100.
dc.source.bibliographicCitationVaz, Daniel (1999). “Four Banking Crises: Their Causes and Consequences”. Revista de Econom´ıa del Banco Central del Uruguay, Volume VI, No. 1, June.
dc.format.tipoDocumento
dc.rights.ccAtribución-NoComercial-SinDerivadas 2.5 Colombia
dc.relation.citationIssueNo. 81
dc.relation.citationTitleSerie Documentos de trabajo. Economía


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