.png){kind=icon}
返回
Asset bubbles, collateral, and policy analysis
.png){kind=icon}
PRE
AI
DOI：10.1016/j.jmoneco.2015.08.004.png)
.png){kind=icon}
原文求助.png){kind=icon}
分享.png){kind=icon}
收藏
摘要
En 中文
This paper provides a theory of credit-driven asset bubbles in an infinite-horizon production economy. Entrepreneurs face idiosyncratic investment distortions and credit constraints. An intrinsically useless asset such as land serves as collateral for borrowing. A land bubble can form because land commands a liquidity premium. The land bubble can provide liquidity and relax credit constraints, but can also generate inefficient over investment. Its net effect is to reduce welfare. Property taxes, Tobin's taxes, macroprudential policy, and credit policy can prevent the formation of a land bubble. (C) 2015 Elsevier B.V. All rights reserved.
Keyword:
Land bubbles
Credit constraints
Margins
Tax policies
Liquidity
Multiple equilibria
Welfare
AI总结
对已上传原文的论文进行重点信息的提取，主要内容包括：简要概述、研究摘要、背景介绍、关键亮点、图文解析、展望与总结。
期刊
IF:
4.1
论文数:
3.2K
被引数:
1.1W
机构
引用论文
.png){kind=icon}
分享收藏
分享收藏
查看更多内容