Dissertations / Theses: 'Financial accelerator'

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Lardeau, Thomas Laurent. "Equilibre du marché du crédit et cycle économique : un nouvel accélérateur financier." Thesis, Paris 13, 2014. http://www.theses.fr/2014PA131027/document.

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Avec le retour des cycles financiers et la crise des subprimes, la littérature a remis en avant l’influence macroéconomique des facteurs financiers. A partir du marché du crédit, elle s’est essentiellement développée avec la théorie de l’accélérateur financier (Bernanke et Gertler [1989], Bernanke, Gertler et Gilchrist [1999]) fondée sur l’hypothèse d’asymétrie d’information. Cette thèse se propose de compléter cette littérature en considérant le cas dans lequel l’offre de crédit s’exprime en situation d’incertitude radicale et de revenir sur cette théorie en proposant, à partir de certaines de ses limites, un autre mécanisme d’accélération financière qui soit de nature plus macroéconomique. Ce mécanisme permet alors d’améliorer la compréhension du rôle du marché du crédit dans l’explication des fluctuations économiques et de réinterpréter les recommandations de politique économique With the renewal of financial cycles and the subprime crisis, literature had focused on the macroeconomic influence of the financial factors. From the credit market, it mainly developed along the theory of financial accelerator (Bernanke and Gertler [1989], Bernanke, Gertler and Gilchrist [1999]) which is based on the hypothesis of asymmetric information. This thesis gives aim to complete this literature by considering that credit supply must be also considered in radical uncertainty and to return on it by proposing, from some of its own limits, another mechanism of financial accelerator which can be viewed as more macroeconomic. So, it leads us to improve our understanding of the credit market in the explanation of macroeconomic fluctuations and to reconsider economic policy related

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Jorge, João Maria Apolinário. "Start-up’s financial capital and the probability of being accepted into an accelerator program." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/16753.

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Mestrado em Finanças O objetivo desta dissertação é avaliar o impacto da estrutura de capital de uma start-up na probabilidade de esta ser aceite em programas de aceleração de empresas. Em virtude de se tratar de um tema recente, não existe literatura anterior sobre as preferências dos responsáveis pelos programas de aceleração relativamente à estrutura de financiamento das start-ups. Depois de selecionada uma amostra de empresas que se candidataram a aceleradoras entre 2016 e 2017, de uma base de dados fornecida pela Universidade Emory em Atlanta, Estados Unidos da América, utilizamos modelos de Tobit e Probit para avaliar a relação existente entre a estrutura de capital de uma empresa e a probabilidade de esta ser aceite em aceleradoras. Os resultados sugerem que start-ups com níveis mais altos de capitais dos fundadores, capitais próprios externos e dívida, têm maior probabilidade ser aceites em aceleradoras. Analisando as proporções relativas de cada fonte de financiamento, as aceleradoras preferem start-ups cuja maioria do capital seja proveniente de capitais próprios externos. The aim of this dissertation is to evaluate the impact of the capital structure of a start-up on the probability of being accepted into an accelerator program. Due the fact that it is a recent topic, there is a lack of research on the preferences of accelerator's directors in terms of the financing structure of start-ups. After building a sample of firms which applied to accelerators between 2016 and 2017, from a novel database provided by the Emory University in Atlanta, United States of America, we conducted Tobit and Probit analyses to assess the relationship between the capital structure of a start-up and the probability of being accepted in an accelerator program. Our results suggest that start-ups with higher levels of own equity, external equity and debt have higher chances of being accepted in accelerators. In terms of sources of funding, accelerator's directors prefer start-ups with higher proportion of external equity in their capital structure. info:eu-repo/semantics/publishedVersion

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3

Candian, Giacomo. "Essays on Information and Financial Frictions in Macroeconomics." Thesis, Boston College, 2016. http://hdl.handle.net/2345/bc-ir:106871.

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Thesis advisor: Susanto Basu Thesis advisor: Peter Ireland This dissertation consists of three independent chapters analyzing the role that information and credit frictions play in goods and financial markets. Within these chapters, I develop dynamic stochastic general equilibrium (DSGE) models to study the implications of these frictions on the macroeconomy, both at the national and international level. In the first chapter, I provide a novel explanation for the observed large and persistent fluctuations in real exchange rates using a model with noisy, dispersed information among price-setting firms. Chapter two studies how entrepreneurs' attitudes towards risk affect business cycles in a framework with agency frictions between borrowers and lenders. Finally, chapter three introduces a liquidity channel in a business cycle model with agency frictions to rationalize the highly volatile behavior of default recovery rates observed in the data. Real exchange rates have been extremely volatile and persistent since the end of the Bretton Woods system. For many developed economies, real exchange rates are as volatile as nominal exchange rates, and their fluctuations exhibit a half-life in the range of three to five years. Traditional sticky-price models struggle to jointly account for these features under plausible nominal rigidities (Chari, Kehoe, and McGrattan, 2002). Is it possible to reconcile, in a single framework, the enormous short-term volatility of the real exchange rate with its extremely long half-life? The first chapter of this dissertation addresses this question within a framework in which information is noisy and heterogeneous among price-setting firms. In this context, the continuing uncertainty that firms face about the state of the economy and about the beliefs of their competitors, slows down the price adjustment in response to nominal shocks, generating large and long-lived real exchange rate movements. I estimate the model using real output and output deflator data from the US and the Euro Area and show, as an out-of-sample test, that the model successfully explains the observed volatility and persistence of the Euro/Dollar real exchange rate. In a Bayesian model comparison, I show that the data strongly favor the dispersed information model relative to a sticky-price model à la Calvo. The model also accounts for the persistent effects of monetary shocks on the real exchange rate that I document using a structural vector autoregression. The second chapter, joint with Mikhail Dmitriev, studies how entrepreneurs' attitudes towards risk affect business cycles in a model with agency frictions. Entrepreneurs are inevitably exposed to non-diversified risk, which likely affects their willingness to borrow and to invest in risky projects. Nevertheless, the financial friction literature has paid little attention to how entrepreneurs' desire to take on this risk affects their investment choices in a general-equilibrium setting. Indeed, business cycle models with credit market frictions that feature idiosyncratic risk assume, for tractability, that entrepreneurs are risk neutral (Bernanke, Gertler, and Gilchrist, 1999, BGG). In this chapter, we generalize the BGG framework to the case of entrepreneurs with constant-relative-risk-aversion preferences. In doing so, we overcome the aggregation challenges of this setup and maintain an analytically tractable, log-linear framework. Our main result is that higher risk aversion stabilizes business cycle fluctuations in response to financial shocks, such as wealth redistribution or risk shocks, without significantly affecting the dynamic responses to technology and monetary shocks. Our findings suggest that, within this class of models, the ability of financial shocks to account for a large portion of short-run output fluctuations found in previous work (e.g., Christiano, Motto, and Rostagno (2014)) crucially hinges on borrowers' risk neutrality. The third chapter, joint with Mikhail Dmitriev, examines the implications of the cyclical properties of default recovery rates for aggregate fluctuations. We document that recovery rates after default in the United States are highly volatile and strongly pro-cyclical. These facts are hard to reconcile with the existing financial friction literature. Indeed, models with limited enforceability à la Kiyotaki and Moore (1997) do not feature defaults and recovery rates in equilibrium, while agency costs models following Bernanke, Gertler, and Gilchrist (1999) underestimate the volatility of recovery rates by one order of magnitude. In this chapter, we extend the standard agency costs model allowing liquidation costs for creditors to depend on the tightness of the market for physical capital. Creditors do not have expertise in selling entrepreneurial assets, but when buyers are plentiful, this disadvantage is minimal. Instead when sellers are abundant, the disadvantage of being an outsider is higher. Following a negative shock, entrepreneurs sell capital and liquidation costs for creditors increase, driving down recovery rates. With higher liquidation costs, creditors cut lending and cause entrepreneurs to sell even more capital. This liquidity channel works independently from standard balance sheet effects, and amplifies the impact of financial shocks on output by up to 50 percent Thesis (PhD) — Boston College, 2016 Submitted to: Boston College. Graduate School of Arts and Sciences Discipline: Economics

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Gelfer, Sacha. "Incorporating High Dimensional Data Vectors into Structural Macroeconomic Models." Thesis, University of Oregon, 2016. http://hdl.handle.net/1794/20493.

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In this dissertation I incorporate high dimensional data vectors in estimated Dynamic Stochastic General Equilibrium (DSGE) models, evaluating the labor market dynamics incorporated inside such data vectors, out-of-sample forecasting performance of many models estimated with such data vectors and analytically examining the reduction of macroeconomic volatility that can occur when such data vectors are used in the formation of expectations about the future. The second chapter investigates the extent to which modern DSGE models can produce labor market dynamics in response to a financial crisis that are consistent with the experience of the Great Recession. I estimate two New-Keynesian models, one with and one without financial frictions, in a data-rich environment. I find that negative financial shocks are associated with longer recoveries in real investment, capital-intensive sectors of the labor market and average unemployment duration. I also find the model with a financial accelerator is equipped with better tools to identify the dynamics associated with the Great Recession and its recovery in regard to many labor and financial metrics. The third chapter compares the out-of-sample forecasting performance of the two DSGE models of Chapter II when they are estimated both out of and in a data-rich environment. This chapter finds that many financial time series variance decomposition are significantly better explained using the structural set-up of the New-Keynesian model with financial frictions. DSGE models estimated with high dimensional data vectors significantly out forecast their regularly estimated counterpart in regard to output, investment and consumption growth. Lastly, the use of real-time optimal pool model weighting significantly out-forecasts traditional macroeconomic models as well as an equally weighted weighting scheme in terms of many macroeconomic variables. The fourth chapter examines the role forecasts derived by high dimensional data vectors can have on lowering macroeconomic volatility. Bounded rational agents are introduced into the Chapter II DSGE model with financial frictions and are given the option to use or ignore professionally generated forecasts from a dynamic factor model in their perceived forecasting model. In simulations, I find that professionally generated forecasts can significantly lower the volatility of many macroeconomic variables including inflation and hours worked.

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Silva, Nathalie dos Santos. "The effect of the financial accelerator over Brazilian firms: an investment analysis with evidence from 1Q2005 to 3Q2017." reponame:Repositório Institucional do FGV, 2018. http://hdl.handle.net/10438/24803.

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Submitted by Nathalie dos Santos Silva (nathass@gmail.com) on 2018-09-26T14:32:48Z No. of bitstreams: 1 dissertação final c ficha.pdf: 2465918 bytes, checksum: f48edd64a1f13d747b89668b7fb3fab5 (MD5) Approved for entry into archive by Joana Martorini (joana.martorini@fgv.br) on 2018-09-26T14:57:24Z (GMT) No. of bitstreams: 1 dissertação final c ficha.pdf: 2465918 bytes, checksum: f48edd64a1f13d747b89668b7fb3fab5 (MD5) Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-09-26T17:04:37Z (GMT) No. of bitstreams: 1 dissertação final c ficha.pdf: 2465918 bytes, checksum: f48edd64a1f13d747b89668b7fb3fab5 (MD5) Made available in DSpace on 2018-09-26T17:04:37Z (GMT). No. of bitstreams: 1 dissertação final c ficha.pdf: 2465918 bytes, checksum: f48edd64a1f13d747b89668b7fb3fab5 (MD5) Previous issue date: 2018-07-24 This dissertation examines the impacts of monetary shocks on investment decisions of firms located in Brazil to test the presence of the financial accelerator. Because of this, after a brief review of the literature, limiting the scope of transmission via the balance sheet channel, a panel consisting of Brazilian firms from 2005 to 2017 were tested. Regression control variables include control of the effect of the BNDES on the financial leverage of firms. After tests performed under reasonable levels of significance, the resources generated internally by the firm's operations were the only variable that impacted the investments. The literature that discusses the impact of BNDES on the Brazilian capital market is also revisited in order to corroborate the results obtained in the tests. O presente trabalho examina os impactos de choques monetários sobre decisões de investimentos de firmas localizadas no Brasil para testar se existe a presença do acelerador financeiro. Para isto, após uma breve revisão da literatura, limitando o escopo de transmissão via canal do balanço, um painel contendo firmas brasileiras de 2005 a 2017 foi testado. Dentre as variáveis de controle da regressão, inclui-se o controle do efeito do BNDES sobre a alavancagem financeira das firmas. Após testes realizados sob níveis de significância razoáveis, os recursos gerados internamente pelas operações das firmas é a única variável que impacta os investimentos. A literatura que discute o impacto do BNDES no mercado de capitais brasileiro também é revisitada de modo a corroborar os resultados obtidos nos testes.

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Melander, Ola. "Empirical essays on macro-financial linkages." Doctoral thesis, Stockholm : Economic Research Institute, Stockholm School of Economics (EFI), 2009. http://www2.hhs.se/efi/summary/790.htm.

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Gächter, Martin, Martin Geiger, Florentin Glötzl, and Helene Schuberth. "Sectoral Deleveraging in Europe and Its Economic Implications." Oesterreichische Nationalbank, 2015. http://epub.wu.ac.at/6272/1/foeei.pdf.

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We examine net lending/net borrowing and the underlying debt dynamics at the sectoral level in the European Union. Saving and investment patterns indicate that there have been considerable deleveraging efforts since the start of the global financial crisis, particularly in the nonfinancial corporate and household sectors. In many EU countries, however, this decline in credit transactions has not yet led to a significant reduction of sectoral debt-to-GDP ratios. Subdued output growth and low or even negative inflation rates have undermined the deleveraging process and increased real debt burdens in a number of European economies. Since these are often the countries that had experienced strong credit booms prior to the crisis, rebalancing needs are likely to persist and may be a significant drag on the recovery in the near future. Furthermore, most of the ongoing rebalancing - both in terms of debt levels and current account deficits - is based on a sharp decline in investment rather than an increase in saving, which might lead to lower potential growth in the future. Recent developments may even jeopardize the catching-up process of peripheral euro area countries and non-euro area EU Member States in Central, Eastern and Southeastern Europe.

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Henchiri, Hanène. "Essais sur l'incidence de l'environnement institutionnel sur les décisions financières des firmes." Thesis, Orléans, 2011. http://www.theses.fr/2011ORLE0513/document.

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Les imperfections des marchés financiers et l'incomplétude des contrats financiers compliquent la conclusion d'ententes entre les firmes et les parties prenantes. Plusieurs solutions sont proposées pour réduire ces problèmes et faciliter la conclusion des contrats financiers. Les contrats étant enveloppés par un cadre institutionnel, ils en sont imprégnés et affectés. Les institutions sont donc une des solutions aux imperfections des marchés et à l'incomplétude des contrats. Les résultats de notre étude le prouvent clairement. Cette étude montre que le niveau de développement et la structure du système financier (en particulier la part relative des financements bancaires et de marché), les conditions de régulation du système bancaire (les formes et l’étendue de la supervision) et certaines caractéristiques des systèmes juridiques (la protection des créditeurs), ont un effet significatif sur les contraintes d'investissement. Il apparaît que la bonne qualité des institutions facilite l'accès aux financements et qu'elle renforce les garanties exigées pour l'octroi de la dette. De fait, la piètre qualité des institutions d’un pays constitue une entrave à l'accès au financement par le secteur privé The imperfections of financial markets and the incompleteness of financial contracts cause commitments between firms and stakeholders to become more complex. Several solutions are suggested in order to reduce such problems and to facilitate the conclusion of financial contracts. Contracts evolve within an institutional structure, an environment by which they are conditioned. Institutions are one of many solutions to market imperfections and to contract incompleteness. Results bring out relevant effects of the financial system’s development and structure (particularly the amount of banking over market financing), banking regulation (the supervisory methods and their extent) and some characteristics of the legal systems (such as creditor protection) on investment constraints. It appears that sound and healthy institutions facilitate access to funding and strengthen the collateral required to secure bank financing. Consequently, poor quality of a country’s institutions hinders access to financing by the private sector

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CARRARO, THOMAS. "Procyclicality and Strategic Complementarities in Bank Regulation." Doctoral thesis, Università Politecnica delle Marche, 2019. http://hdl.handle.net/11566/263484.

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Questa tesi racchiude tre lavori tra loro distinti ma legati da due argomenti in comune ovvero come la regolamentazione influenzi il comportamento degli intermediari bancari e il cruciale ruolo delle banche nel garantire il corretto flusso di credito all'economia reale. Questi due temi, sebbene legati, sono spesso affrontati separatamente trascurando che la regolamentazione, influenzando il comportamento degli intermediari bancari, influisca a sua volta anche sul flusso di credito all'economia reale. I primi due capitoli analizzano come il sistema bancario Americano si sia evoluto dagli anni 50 ad oggi. L'analisi sfrutta le proprietà delle Wavelet che permettono di studiare le serie storiche sia nel dominio del tempo sia in quello delle frequenze. Il primo capitolo analizza la relazione tra le sorgenti esterne di finanziamento per le imprese, mentre il secondo verifica se i dati confermano la teoria dell'acceleratore finanziario. Le conclusioni dei primi due capitoli confermano che la regolamentazione bancaria, l'evoluzione finanziaria e lo sviluppo tecnologico hanno modificato il processo decisionale degli intermediari bancari; ciò può spiegare perché negli ultimi decenni abbiamo osservato cicli economici più marcati. Nel terzo capitolo è presentato un modello nel quale gli intermediari bancari sono soggetti a complementarietà strategica nel loro processo decisionale. Nel modello la complementarità è dovuta alla contemporanea presenza di un vincolo sulle risorse disponibili per la vigilanza bancaria e all'ipotesi che la supervisione sia costosa per le banche. Si evidenzia come la presenza della complementarietà strategica possa spingere il sistema bancario a disequilibri, ad esempio un'eccessiva quantità di credito o una sua riduzione spropositata. Il modello evidenzia che le politiche macroprudenziali, come il countercyclical buffer e il loans support program, possono ridurre il rischio di eventi estremi modificando gli incentivi delle banche. This thesis is a collection of three distinct works around two background common topics: how banking regulation effects the banks' behavior, and the role of the banking system in funding the real economy. These two topics are often studied separately, overlooking that banking regulation affects banks' behavior and their choices of lending to corporations, households, and economic and social fabric. To aide our systemic understanding of the implications of banking regulations onto the real economy, we dedicate the first two chapters of this thesis to shed some light on how the banking system evolved over the years. In particular, we analyze the US banking system from the 50s to present, using wavelet analysis. The first chapter studies the relationship between external sources of funds of corporations. The second chapter investigates whether data underpin the financial accelerator mechanism. Our analysis suggests that bank regulation, financial innovation, and technological development profusely affected bank' behavior, and explains why business cycles have become more severe in the past thirty years. In the third chapter we present a model in which banks suffer from strategic complementary. We derive the conditions for strategic complementarities in the behavior of banks in a banking system in which the supervisory authority has a budget constraint on the resources that it can allocate to monitor, and supervision is costly for banks. The strategic complementarity, in turn, can lead to homogeneous private decisions on risk-taking, setting the scene for corners solution as an excessive amount of credit or a credit crunch. In such a framework, the goal of macro-prudential policies consists in simultaneously restraining the incentive of banks in extending an excessive or a too low amount of loans. We show that the countercyclical buffer is a proper tool to reduce the probability of a credit boom, while a loans support program can decrease the probability of a credit crunch.

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Henchiri, Hanène. "Essais sur l'incidence de l'environnement institutionnel sur les décisions financières des firmes." Electronic Thesis or Diss., Orléans, 2011. http://www.theses.fr/2011ORLE0513.

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Les imperfections des marchés financiers et l'incomplétude des contrats financiers compliquent la conclusion d'ententes entre les firmes et les parties prenantes. Plusieurs solutions sont proposées pour réduire ces problèmes et faciliter la conclusion des contrats financiers. Les contrats étant enveloppés par un cadre institutionnel, ils en sont imprégnés et affectés. Les institutions sont donc une des solutions aux imperfections des marchés et à l'incomplétude des contrats. Les résultats de notre étude le prouvent clairement. Cette étude montre que le niveau de développement et la structure du système financier (en particulier la part relative des financements bancaires et de marché), les conditions de régulation du système bancaire (les formes et l’étendue de la supervision) et certaines caractéristiques des systèmes juridiques (la protection des créditeurs), ont un effet significatif sur les contraintes d'investissement. Il apparaît que la bonne qualité des institutions facilite l'accès aux financements et qu'elle renforce les garanties exigées pour l'octroi de la dette. De fait, la piètre qualité des institutions d’un pays constitue une entrave à l'accès au financement par le secteur privé The imperfections of financial markets and the incompleteness of financial contracts cause commitments between firms and stakeholders to become more complex. Several solutions are suggested in order to reduce such problems and to facilitate the conclusion of financial contracts. Contracts evolve within an institutional structure, an environment by which they are conditioned. Institutions are one of many solutions to market imperfections and to contract incompleteness. Results bring out relevant effects of the financial system’s development and structure (particularly the amount of banking over market financing), banking regulation (the supervisory methods and their extent) and some characteristics of the legal systems (such as creditor protection) on investment constraints. It appears that sound and healthy institutions facilitate access to funding and strengthen the collateral required to secure bank financing. Consequently, poor quality of a country’s institutions hinders access to financing by the private sector

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BAZZANA, DAVIDE. "ENDOGENOUS FLUCTUATIONS IN MACROECONOMICS: THE ROLE OF HETEROGENEITY." Doctoral thesis, Università degli Studi di Milano, 2016. http://hdl.handle.net/2434/384286.

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My Ph.D. thesis contributes to the growing literature investigating the role of heterogeneity in the macroeconomics volatility. Particularly, it focuses on bounded rationality and heterogeneous expectations in financial accelerator frameworks. In the first paper, I present a literature review tackling the theoretical and the empirical challenges of bounded rationality and heterogeneous expectations. More precisely, I decided to analyse the Adaptive Belief System (ABS) because it is relevant to the purpose of solving the “wilderness problem” of bounded rationality. Moreover, it introduces complex dynamical evolution in the system and it can describe many stylized financial and macroeconomics phenomena, like fat tails, unpredictable returns and excess volatility. I conclude the survey showing some experimental analyses suggesting the importance of heterogeneity and bounded rationality in the expectations formation and in the evolution of the economic system. In the other two papers, I elaborate two financial accelerator (FA) frameworks focusing on the role of heterogeneous expectations, investment decisions and macroeconomic fluctuations. In the first one, starting from the Bernanke-Gertler-Gilchrist financial accelerator (1999), I develop an Agent-Based financial accelerator introducing bounded rationality, heterogeneous expectations, actual bankruptcy and a balance sheet for the financial intermediary. I specify a setup in which the heterogeneity is inserted in the agents’ wealth as well as in their heuristics. The agents make mistakes in forecasting future macroeconomic variables and update their beliefs when new information becomes available. Since they commit mistakes in their investment and borrowing decisions, the entrepreneurs may not be able to fulfil their debt and therefore go bankrupt. To account for the losses of defaults I introduce the balance sheet of the financial intermediary. Then, the bankruptcy affects the credit channel: firstly because the bank will settle an extra cost to the defaulted entrepreneur, secondly because banks with lower financial soundness will fix on average higher interest rate on loans. Finally, I explore the macroeconomic volatility running some simulations which consider different heuristics and different monetary policies. My results suggest that a monetary authority should take into account the “sentiment of the market” when designing its policy. Indeed, applying the same monetary policy may have different consequences on macroeconomic volatility when the expectations are non-identical. However, if two monetary policies are implemented in the same scenario, it seems that the strongest monetary policy will reduce the waves of optimism and pessimism better stabilizing the macroeconomic environment. In the second model, I propose a financial accelerator in which the evolution of expectations is based on the adaptive belief system. Within this framework, the entrepreneurs have cognitive limitations and are not able to forecast in advance the actual return on capital. However, when new information becomes available, they can compute their investment performance and switch to the most performing heuristic. Through this mechanism, they update their beliefs on future investment return introducing complex dynamics in the model. In the last part of the paper, I explore the macroeconomic volatility of the system considering different heuristics and monetary policies. One the one side, the core results suggest that no monetary policy is able to quickly stabilize the system completely; some fluctuations persist for many periods. Moreover, flexible inflation targeting policies yield lower fluctuations but these are more persistent. On the contrary, strict inflation targeting policies produce deeper macro-volatility but lower persistency. Finally, the stabilizing effect of the monetary policy strongly depends on the nature of the heuristics and, counterintuitively, the volatility is higher in scenarios with more sophisticated heuristics.

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Ben, Mohamed Imen. "Credit market imperfections and business cycles." Thesis, Paris 1, 2015. http://www.theses.fr/2015PA010002/document.

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La crise financière de 2009 a ravivé le débat entre les classiques et les keynésiens concernant le rôle de la finance dans le cycle d’affaire. Cette thèse étudie les conséquences macroéconomiques des imperfections du marché de crédit ainsi que quantifie leur impact sur le marché de travail. L’interaction entre chômage et frictions financière passe par l’hypothèse que les postes vacants sont financés par des fonds externes qui sont plus couteux qu’un financement interne, de par de l’impact de l’asymétrie d’information sur le marché du crédit. Il est alors montré, à l’aide de simulation d’un modèle DSGE calibré sur données US., qu’un choc financier négatif, i.e. un choc qui augmente la prime de risque sur le marché du crédit ou un choc qui détériore le bilan des entrepreneurs, réduit de manière significative les capacités d’emprunt, et, par conséquent, la création d’emplois diminue spécialement. En outre, un choc d'incertitude engendre une augmentation du taux de chômage et rend cette augmentation plus persistante en période de crise. Ce résultat est confirmé par une évidence empirique qui consistait à estimer un modèle VAR bayésien, où des variables de marché de travail réelles et financières The crisis of 2009 raised the question whether the financial conditions matter for the business cycles and the propagation of shocks originating in the financial sphere. I tried to drive a fine analysis of this issue using micro-founded general equilibrium models. The modelling choice was backed by empirical motivations. In three essays, i study the impact of monetary and financial shocks on growth and labour market dynamics. First, an expansionary monetary policy eases credit conditions, raises risk tolerance and the quality of borrowers and generates a liquidity effect. The potency of the monetary policy and the size of the credit channel depend considerably on the degree of financial frictions in the credit market. Second, a restrictive monetary policy shock, an positive credit shock and a positive uncertainty shocks have similar effects on the economy: they plunge the economy in a recession, with output, job creations, and hours worked decreasing, while unemployment and job destructions increase. In all cases the interest rate spread increase, therefore indicating that financial conditions deteriorate, which is interpreted as a sign that financial frictions play a critical role in the propagation of these shocks. Third, the interaction between financial and labour market frictions does exist. The interplay between the two indeed plays a role in propagating the shocks. A shock to net worth, a credit shock and an uncertainty shock play a non-trivial role for the dynamics on the labour market

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Vasilev, Konstantin. "Essays on financial accelerators and macroprudential policy." Thesis, University of Essex, 2017. http://repository.essex.ac.uk/20635/.

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This thesis focuses on the relationship between the real economy and the financial sector which gives rise to various amplification mechanisms known as financial accelerators. Historically, those channels are known to be in the roots of the world's largest crises such as the 2008 Great Recession. In its aftermath, policy-makers have undertaken various reforms that introduce macroprudential policy which focuses on the stability of the financial system as a whole. This thesis studies different financial amplification channels and the ability of macroprudential policy to mitigate their impact on the real economy in three chapters. The first chapter introduces different macroprudential tools into a macroeconomic framework with financial frictions and analyses their ability to mitigate the impact of a crisis originating from the financial sector to the real economy. The main finding of the paper is that sector specific tools can be effective if applied before the occurrence of the crisis, however, broader tools are much more effective once the crisis has spread to the economy. The second chapter expands the framework of the previous one, in order to provide a realistic representation of the current regulatory setting for capital requirements - the Internal Rating Based approach. The paper then studies the ability of the regulation to lead to procyclical capital requirements and thus amplify the business cycle and reduce social welfare. In order to avoid these consequences, an alternative policy rule is proposed which is able to mitigate the amplification effects. The third chapter focuses on the founding theory behind the current regulatory framework - the portfolio loss distribution (Vasicek, 2002) and expands it by introducing macroeconomic amplification mechanisms known as financial accelerators. The resulting portfolio distribution shows large losses to be substantially more likely which increases the fragility of the financial system and the amount of capital necessary to maintain its stability.

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Fonseca, Marcelo Gonçalves da Silva. "Essays on the credit channel of monetary policy: a case study for Brazil." reponame:Repositório Institucional do FGV, 2014. http://hdl.handle.net/10438/11748.

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Submitted by Marcelo Fonseca (marcelo.economista@hotmail.com) on 2014-05-19T19:10:06Z No. of bitstreams: 1 Essays on the Credit Channel of Monetary Policy - a Case Study for Brazil.pdf: 3704297 bytes, checksum: 3b1fcaf85bbcf74f3843e7c2c0d1cad9 (MD5) Rejected by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br), reason: Boa tarde Marcelo, conforme conversamos ao telefone. Att. Suzi 3799-7876 on 2014-05-19T19:47:10Z (GMT) Submitted by Marcelo Fonseca (marcelo.economista@hotmail.com) on 2014-05-19T21:20:48Z No. of bitstreams: 1 Essays on the Credit Channel of Monetary Policy - a Case Study for Brazil.pdf: 3702737 bytes, checksum: 106ac090d0a4805c2b0d31d85182e2eb (MD5) Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2014-05-20T11:36:27Z (GMT) No. of bitstreams: 1 Essays on the Credit Channel of Monetary Policy - a Case Study for Brazil.pdf: 3702737 bytes, checksum: 106ac090d0a4805c2b0d31d85182e2eb (MD5) Made available in DSpace on 2014-05-20T11:38:51Z (GMT). No. of bitstreams: 1 Essays on the Credit Channel of Monetary Policy - a Case Study for Brazil.pdf: 3702737 bytes, checksum: 106ac090d0a4805c2b0d31d85182e2eb (MD5) Previous issue date: 2014-05-06 O estouro da crise do subprime em 2008 nos EUA e da crise soberana europeia em 2010 renovou o interesse acadêmico no papel desempenhado pela atividade creditícia nos ciclos econômicos. O propósito desse trabalho é apresentar evidências empíricas acerca do canal do crédito da política monetária para o caso brasileiro, usando técnicas econométricas distintas. O trabalho é composto por três artigos. O primeiro apresenta uma revisão da literatura de fricções financeiras, com especial ênfase nas suas implicações sobre a condução da política monetária. Destaca-se o amplo conjunto de medidas não convencionais utilizadas pelos bancos centrais de países emergentes e desenvolvidos em resposta à interrupção da intermediação financeira. Um capítulo em particular é dedicado aos desafios enfrentados pelos bancos centrais emergentes para a condução da política monetária em um ambiente de mercado de capitais altamente integrados. O segundo artigo apresenta uma investigação empírica acerca das implicações do canal do crédito, sob a lente de um modelo FAVAR estrutural (SFAVAR). O termo estrutural decorre da estratégia de estimação adotada, a qual possibilita associar uma clara interpretação econômica aos fatores estimados. Os resultados mostram que choques nas proxies para o prêmio de financiamento externo e o volume de crédito produzem flutuações amplas e persistentes na inflação e atividade econômica, respondendo por mais de 30% da decomposição de variância desta no horizonte de três anos. Simulações contrafactuais demonstram que o canal do crédito amplificou a contração econômica no Brasil durante a fase aguda da crise financeira global no último trimestre de 2008, produzindo posteriormente um impulso relevante na recuperação que se seguiu. O terceiro artigo apresenta estimação Bayesiana de um modelo DSGE novo-keynesiano que incorpora o mecanismo de acelerador financeiro desenvolvido por Bernanke, Gertler e Gilchrist (1999). Os resultados apresentam evidências em linha com aquelas obtidas no artigo anterior: inovações no prêmio de financiamento externo – representado pelos spreads de crédito – produzem efeitos relevantes sobre a dinâmica da demanda agregada e inflação. Adicionalmente, verifica-se que choques de política monetária são amplificados pelo acelerador financeiro. Palavras-chave: Macroeconomia, Política Monetária, Canal do Crédito, Acelerador Financeiro, FAVAR, DSGE, Econometria Bayesiana

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Morais, Filipe Manuel de Almeida. "Taxas de juro implícitas e situação financeira das empresas portuguesas: uma análise empírica." Master's thesis, Instituto Superior de Economia e Gestão, 2007. http://hdl.handle.net/10400.5/2833.

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Mestrado em Economia Monetária e Financeira Este trabalho procura investigar a relação existente entre a situação financeira das empresas portuguesas e os seus custos de financiamento, utilizando-se para tal informação detalhada a nível microeconómico relativa a estes agentes económicos. Esta informação foi obtida a partir de um painel de dados composto por mais de 30.000 empresas não financeiras portuguesas, que integram a Central de Balanços do Banco de Portugal. De modo a garantir a obtenção de resultados fiáveis procurou-se aplicar uma metodologia econométrica relativamente recente, o system GMM, que permite explorar de forma dinâmica a informação contida em dados de painel. Os resultados apresentados confirmam a existência, em Portugal, de uma relação inversa entre a situação financeira das empresas e o seu custo de financiamento, avaliado por uma taxa de juro implícita estimada neste trabalho. Isto é consistente com a hipótese subjacente à teoria do acelerador financeiro, que sugere que melhorias na saúde financeira da empresa implicam uma diminuição no seu custo de financiamento. This work intends to evaluate the relationship between the financial situation of Portuguese firms and their funding costs. In order to achieve such objective, we used detailed information on these economic agents at the micro level. This information was based on a panel dataset comprising more than 30.000 non-financial Portuguese firms, which is part of the Central Balance-Sheet Database held by Banco de Portugal. With the aim of obtaining sound and reliable empirical results, we applied a relatively recent econometric methodology, usually known as system GMM. Such technique makes possible the dynamic analysis of the information contained within panel datasets. The results obtained confirm the existence, in Portugal, of an inverse relation between firms' financial situation and their funding costs, measured by our estimates of an implicit interest rate. This result is consistent with the hypothesis underlying the financial accelerator theory, which suggests that improvements in firms' financial health imply a decrease in their funding costs.

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Xu, Shujing, and 徐淑婧. "Do financial firms exhibit any special acumen? : evidence from accelerated seasonsed equity offerings." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2013. http://hdl.handle.net/10722/202254.

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Accelerated bookbuilding method, a streamlined equity offering process, shortens the period for underwriters to exert marketing effort and perform due diligence in seasoned equity offerings. This leads to reduced efforts in minimizing information asymmetry between the issuer, underwriter and investors. My results show that financial issuers have a higher tendency to accelerate the SEO process after controlling for other firm-level offering characteristics. I hypothesize that financial issuers by their nature enjoy less information asymmetry and greater financial expertise, thus they derive only smaller benefit from costly bookbuilding process. Using a sample of financial and non-financial SEOs, I test the equity offering agency model by examining issuers’ decision to accelerate and the accompanying floatation costs. My tests show that only financial issuers can save costs in accelerated SEOs, while non-financial issuers incur higher flotation costs when shortening the bookbuilding process. Further evidence on accelerated SEO post-issue long-run performance shows that financial issuers are better at timing their equity issuance compared with their size and book-to-market matched non-financial counterparts. My results are consistent with Baron’s (1982) agency model in equity offering and Myers and Majluf’s (1984) information asymmetry model of the decision to issue security. published_or_final_version Economics and Finance Doctoral Doctor of Philosophy

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Kim, Esther S. "New financing and business models to accelerate the development of novel therapeutics." Thesis, Massachusetts Institute of Technology, 2017. http://hdl.handle.net/1721.1/111315.

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Thesis: S.M. in Technology and Policy, Massachusetts Institute of Technology, School of Engineering, Institute for Data, Systems, and Society, Technology and Policy Program, 2017. Cataloged from PDF version of thesis. Includes bibliographical references (pages 119-125). Many obstacles contribute to the uncertainty and risk associated with early drug development, leading to the "valley of death" in which promising drug candidates experience difficulties in reaching the market. These challenges have serious consequences for patient populations facing significant unmet medical needs. In this paper, we highlight three models that offer innovative financing mechanisms or new business models for early stage biopharmaceutical assets. Specifically, we evaluate and profile examples of venture philanthropy and academic-industry partnerships as sources of financial capital for early stage assets. In addition, we identify a "one-disease" business model in biotechnology that can mitigate risk and accelerate the translation of biomedical research into novel therapeutics. The three examples highlight the potential for creative mission-driven models to speed up drug development and provide capital in the earliest, and often riskiest, stages of drug development. These models are collaborative and leverage the expertise of the various stakeholders in the process, including patient advocates, private sector drug developers, and academic researchers. by Esther S. Kim. S.M. in Technology and Policy

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RUSBARSKY, MARK KEVIN. "THE CHANGES IN ECONOMIC INCENTIVES WHICH MOTIVATE DISCRETIONARY ACCOUNTING CHANGES: THE CASE OF THE SWITCH TO, AND THEN FROM, ACCELERATED DEPRECIATION (STRAIGHT-LINE, POSITIVE, AGENCY)." Diss., The University of Arizona, 1986. http://hdl.handle.net/10150/188162.

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This study extends previous work which attempted to describe why different managers use different accounting techniques (for financial reporting purposes only). The focus is accounting changes, specifically depreciation changes, both to and from accelerated methods. Seven hypotheses are proposed. Three of them predict a negative relationship between a manager's use of accelerated depreciation and (1) the firm's debt/equity ratio, (2) the existence of a bonus plan based on accounting income and (3) the potential impact of a depreciation change on earnings. These three hypotheses are referred to as H(D/E), H(BONUS) and H(IMPACT), respectively. The other four hypotheses predict a positive relationship between a manager's use of accelerated depreciation and (1) firm size, (2) the degree of voting control exercised by insiders, (3) the strength of current earnings relative to the preceding year's, and (4) industry-wide barriers to entry. These are referred to as H(SIZE), H(CTRL), H(EPS) and H(BTE), respectively. Designating accelerated as A and straight-line as S, the (tax/book) depreciation changes studied are the switch from S/S to A/A in 1954 and the switches from A/A to A/S in 1968 and 1969. All seven hypotheses were jointly tested with respect to the A/A to A/S changes in 1968 and 1969. The 1968 multivariate results indicate varying degrees of support for all the hypotheses except H(BTE), while the 1969 multivariate results support only H(D/E), H(BONUS) and H(SIZE). Only five hypotheses were jointly tested with respect to the change from S/S in 1954 (not H BONUS or H BTE ). Support is offered for H(SIZE), H(D/E) and H(CTRL), but not for H(EPS) or H(IMPACT). Further, the 1954 support is strongest when the 1968/1969 "switchback" firms are excluded from the analysis; that is, when the sample includes only firms which consistently used S as opposed to A for book purposes both before and after 1968-1969. Additional analyses used 1968 data for firms which switched from A/A to A/S in 1969. These "prior year" analyses reveal little new information except to suggest that the D/E ratio of the 1969 "switchers" rose significantly in 1969 from its 1968 level.

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Naulin, Tamara [Verfasser], Eva [Gutachter] Lutz, and Stefan [Gutachter] Süß. "New Venture Financing and Business Support: Three Papers on Accelerators’ Impact on Startups’ Development / Tamara Naulin ; Gutachter: Eva Lutz, Stefan Süß." Düsseldorf : Universitäts- und Landesbibliothek der Heinrich-Heine-Universität Düsseldorf, 2021. http://d-nb.info/1227706812/34.

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Wiggam, Marilyn K. "Predicting adult learner academic persistence: Strength of relationship between age, gender, ethnicity, financial aid, transfer credits, and delivery methods." The Ohio State University, 2004. http://rave.ohiolink.edu/etdc/view?acc_num=osu1092748628.

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Brtník, Adam. "Financování MSP ve fázi Startupů rizikovým kapitálem." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-198999.

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Running company is very risky and its beginnings are perhaps the most difficult phase in the life cycle of a company, which in many cases discourages potential entrepreneurs from starting up. Budding entrepreneurs are yet to contend not only with the lack of start-up capital, but also with a lack of knowledge, experience and contacts that support successful business development. One way how to overcome these obstacles is to attend one of the programs of startup accelerators that provide novice entrepreneurs not only with starting capital, but also with experience, knowledge and contacts to entities that may be critical for the successful development of business. This thesis aims to determine the participants' satisfaction with Czech startup accelerator StartupYard and appraise the effectiveness of its functioning.

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Koppitz, David. "Využití rizikového a rozvojového kapitálu pro podporu začínajících inovativních podniků v ČR." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2012. http://www.nusl.cz/ntk/nusl-223659.

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Innovation entrepreneurship is built not only on a quality idea, but also on the availability of start-up capital and management skills of the idea owner. The insufficient finance often limits the success and growth potential of start-ups. When seeking support to individual business plans, allowing for entry of a business angel could be an option. Business angels are private, mostly experienced investors who invest in SMEs with high growth potential not only financial capital, but also business know-how, contacts and management experience. Thesis evaluates possibilities to use venture capital offered by business angels to support innovative start-ups and on several case studies assesses readiness of innovation and business environment from the investors’ point of view.

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Онищенко, Е. С., та Г. М. Левченко. "Фінансування інноваційної діяльності вітчизняних підприємств". Thesis, Видавництво СумДУ, 2011. http://essuir.sumdu.edu.ua/handle/123456789/12474.

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Інноваційний розвиток економіки України є актуальною проблемою та єдиною можливістю підвищення її конкурентоспроможності. Особливістю інноваційної діяльності є значні строки її здійснення. Основною проблемою фінансування інновацій як на макро, так і на мікрорівні є дефіцит інвестиційних ресурсів. Тому в сучасних умовах дуже важливо визначити можливі джерела фінансування інноваційної діяльності та оптимальне їх співвідношення. При цитуванні документа, використовуйте посилання http://essuir.sumdu.edu.ua/handle/123456789/12474

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Majetti, Reynald. "Analyse du cycle économique. Datation et prévision." Thesis, Université de Lorraine, 2013. http://www.theses.fr/2013LORR0249.

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La « Grande Récession » de 2008-2009 ou encore l'aggravation de la crise des dettes souveraines et de la dette publique dans la zone euro à l'été 2011, constituent de récents événements qui ont cristallisé les enjeux de l'analyse conjoncturelle, ceux relatifs notamment à la datation et à la prévision des inflexions cycliques de l'activité réelle. L'objet de cette thèse s'inscrit fondamentalement au sein de ces deux approches complémentaires du cycle économique.Le chapitre 1 dresse un portrait du cycle autour de trois conceptions distinctes de ses points de retournement : le cycle classique, le cycle de croissance et le cycle d'accélération. Nous discutons également de sa mesure eu égard aux diverses représentations possibles de l'activité agrégée d'un pays, ainsi qu'aux deux traditions existantes dans lesquelles s'inscrivent les modèles de datation. Nous mettons par ailleurs en lumière l'influence grandissante de l'environnement financier sur la dynamique cyclique des économies. Le chapitre 2 nous amène à développer deux algorithmes non-paramétriques dans le but de repérer les inflexions propres à chacun des cycles auparavant conceptualisés, mais aussipour en mesurer leurs principales caractéristiques. Le premier (resp. le second) algorithme repose sur une représentation univariée (resp. multivariée) de l'activité économique globale ; in fine, nous les appliquons aux données de la conjoncture française entre 1970 et 2010. Le chapitre 3 tire parti de nos résultats en matière de datation conjoncturelle afin de prévoir les récessions françaises depuis 1974. Au moyen de modèles probits, nous illustrons le rôle de variables financières et monétaires en tant qu'indicateurs avancés des fluctuations du cycle des affaires français. Nous montrons de plus que nos modèles prédictifs assurent uneparfaite détection des récessions pour un horizon égal à deux trimestres.Le chapitre 4 prolonge l'ensemble de l'analyse à plusieurs États membres de la zoneeuro, ces derniers étant observés depuis 1979. Nous construisons d'abord une chronologie de leurs cycles classiques respectifs puis, nous proposons un examen de leurs caractéristiques moyennes et de leur degré de synchronisation. Enfin, en s'appuyant sur des indicateurs financiers et monétaires dans le cadre d'un probit dynamique à effets fixes, nous parvenons à anticiper - jusqu'à un horizon de deux trimestres - les épisodes récessifs survenus dans les économies considérées The « Great Recession » of 2008-2009 and the sovereign and public debt crises which strengthened in the euro area in the summer of 2011 are recent events that have crystallized the challenges facing economic analysis, especially those related to dating and predicting cyclical inflections of real activity. The purpose of this thesis is to study these two complementary approaches to the economic cycle. Chapter 1 provides a portrait of the cycle using three distinct conceptions of its turning points: the classical cycle, the growth cycle and the acceleration cycle. We also discuss the measurement of the cycle with respect to various possible representations of aggregate activity of a country, as well as to two existing traditions which encompass dating models. Moreover, we highlight the growing influence of the financial environment over business cycle fluctuations.In chapter 2, we develop two non-parametric algorithms in order to identify theinflections that are particular to each of the previously conceptualized cycles, but also to measure their main characteristics. The first algorithm is based on a univariate representation of overall economic activity, the second on its ultivariate representation; ultimately, we apply the algorithms to the data of the French economy between 1970 and 2010. Chapter 3 builds on our results for cyclical dating to predict French recessions since 1974. Using probit models, we illustrate the role of monetary and financial variables as leading indicators of French business cycle fluctuations. In addition, we show that our models accurately detect recessions for a forecasting lag of two-quarters. Chapter 4 extends the entire analysis to several member states of the euro zone, with observations beginning in 1979. We first construct a chronology of their classical cycles, and then we propose an analysis of their main characteristics and their degree of synchronization.Finally, based on financial and monetary indicators in the context of a dynamic probit with fixed effects, we can anticipate the recessionary episodes which occurred in these economies with a horizon of two quarters

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Cheng, Chien-Feng, and 鄭健逢. "The Effect of Financial Accelerator and Accounting Accelerator on the Firm Value." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/78517640525774190894.

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碩士 淡江大學 會計學系碩士班 98 In July, 2007 the global occurs financial crisis, causes firms faced bankruptcy. The bankrupt reason possibly comes from the firm’s finance policy or accounting standard change. This research explores that the financial accelerator and accounting accelerator isolated and both on the effect of the firm value. Fair value accounting completely had still not implemented in Taiwan, the actual data is insufficient, but must understand the simultaneous impacts of both theories, therefore this research uses the system dynamics as a methodology and chooses two firms as the cases. The findings: Two kinds of accelerators affect the firm value, the financial accelerator has the negative effect on firm value, indicated that the firm is not taken highly leverage policy. Moreover, in accounting accelerator aspect, firm value has the positive effect. To the impact on the firm value, the financial accelerator is more significant than accounting accelerator.

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Huang, Wan Ting, and 黃婉婷. "Financial Accelerator Effects in Taiwan’s Business Cycles." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/d6t97k.

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碩士 國立暨南國際大學 經濟學系 93 This paper extends Bernanke, Gertler and Gilchrist’s (2000) financial accelerator framework to an open economy. The model mainly exhibits financial accelerator effects, the mechanism whereby credit-market imperfections deteriorate credit-market conditions and propagate initial adverse shocks to the economy. Thus, we use Taiwan’s data to calibrate a dynamic stochastic general equilibrium model incorporating credit-market imperfections. The results find that both impulse response analysis and alternative approaches generate the propagated and amplified effects of monetary policy shocks on the economy when there is a financial accelerator mechanism. The results support the existence of financial accelerator effects in Taiwan’s business cycles.

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Teng, Ya-Hui, and 鄧雅惠. "Investigating Financial Accelerator Effect and Net Worth-The Case of Taiwan." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/75du59.

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碩士 國立暨南國際大學 經濟學系 94 This thesis is to investigate the monetary transmission mechanism, which extends Carlstrom and Fuerst’s (1997) general equilibrium model from a closed economy to a small open economy, by incorporating monetary policy rule and foreign sector. The main purpose of this theoretic model is to investigate whether or not the financial accelerator effects in Taiwan’s business cycle exist. In order to analyze how a productivity shock and monetary policy shock will influence the macro-economy, we use Taiwan’s data to calibrate a dynamic general equilibrium of an imperfect credit market. The empirical results show that the financial accelerator will magnify the shock effects on business cycles when the agency cost increases and when the economy confronts an adverse shock. The effect will be reinforced due to the worsen credit market conditions. This thesis uses an alternative view to analyze, and hopefully provides the implications of monetary authority’s policy instrument choice as well as operation.

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RUGGERI, FRANCESCO. "Financial fragility and income inequality." Doctoral thesis, 2020. http://hdl.handle.net/11573/1419109.

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After the financial crisis of 2007/2008 academics and policymakers have turned their attention to how private debt can affect, significantly, the economic performance of a country. In the period of the “Great Moderation”, the increasing level of income inequality, together with structural transformations, has created an environment where a large portion of the private sector was more prone to rely on bank credit in order to finance its expenditure. While borrowing can have a first expansionary impact, because of the increase in the purchasing power of the borrowers, the increase in the stock of debt in the “medium-term” can have different negative effects. Debt repayment transfers resources to “high propensity to spend” agents (borrowers) to “low propensity to spend” agents (lenders). The impact of this income transfer can have a negative impact on final expenditure and, thus, on GDP. The increase in the stock of debt leads to an increase of the fragility of the household sector because of its increase in the vulnerability to different kind of shocks such as: an increase of the interest rates, a sudden decrease of the disposable income, a collapse of the assets used as collateral, and to possible changes of the attitudes of the lenders. Starting from this, we developed three different theoretical models in order to describe the impact of an expansion of household debt, in an environment of high-income inequality.

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Wang, Lei. "Essays on Money, Credit Constraints and Asset Prices." Phd thesis, 2015. http://hdl.handle.net/1885/104837.

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This thesis consists of three chapters which were written independently. Each chapter answers different questions. But they share a single target: improving the ability of flexible price models in explaining volatile asset price movements. The first chapter, ``segmented money market, credit constraint and asset prices'', is the first in the literature to integrate a segmented market with a credit constraint into a dynamic stochastic general equilibrium model within a flexible price framework. It provides a competing model to explain high asset price volatilities against the popular sticky price models. The Second chapter, ``macroeconomic effects of leverage cycles'', is the first in the literature to endogenize the loan-to-value ratio of a Kiyotaki-Moore style credit constraint in a dynamic stochastic general equilibrium model. An endogenous loan-to-value ratio not only produces more volatile asset price movements, it also explains the pro-cyclical movements of loan-to-value ratios in the real world. The third chapter, “Leverage Cycles and Housing Prices”, extends the model of the second chapter to include a housing sector and studies the effects of endogenous loan-to-value ratio on housing prices.

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CAI, LONG-XUE, and 蔡龍學. "The prediction of financial distress on list stock-the application of accelerated failure time model." Thesis, 1992. http://ndltd.ncl.edu.tw/handle/67098742556278786234.

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Dissertations / Theses on the topic 'Financial accelerator'

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