Autore
Tamborini, Roberto

Titolo
A Macroeconomic Model of Bankruptcy
Periodico
Università degli studi di Trento. CEEL - Computable and Experimental Economics Laboratory. Working papers
Anno: 1997 - Fascicolo: 2 - Pagina iniziale: 1 - Pagina finale: 32

This paper relates to the macroeconomics of imperfect capital markets. In this framework, the heterogeneity of agents, notably of borrowing firms, is a key element in the explanation of interactions between financial intermediaries and borrowers facing a bankruptcy probability. This probability is usually introduced through exogenous stochastic factors in firms' revenue. In this paper I pursue a more inherently informational approach which, even though all market processes are deterministic, partly "endogenizes" the default probability as a consequence of heterogeneous, privately-held price expectations across firms. Then I examine in detail the credit transmission mechanism and its impact on the macroeconomic variables in an economy with characteristics such as those in 1) to 5)



Testo completo: http://eprints.biblio.unitn.it/archive/00000039/

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