※上記の広告は60日以上更新のないWIKIに表示されています。更新することで広告が下部へ移動します。

「バーナンキ他「エージェンシーコスト、純資産、景気循環」AER 1989」の編集履歴(バックアップ)一覧に戻る

バーナンキ他「エージェンシーコスト、純資産、景気循環」AER 1989 - (2010/03/09 (火) 15:31:00) の編集履歴(バックアップ)


Bankruptcy, Liquidity, and Recession

By BEN S. BERNANKE

This paper examines the possibility that the economy-wide level of bankruptcy risk plays a structural role in the propagation of recessions. The argument is as follows: Bankruptcy imposes net social costs, so that all agents have an interest in avoiding it. Consumers and firms do this by being careful to retain sufficient liquid assets to meet fixed expenses; banks and other lenders, by being selective in choosing borrowers and limiting the size of loans. The onset of recession strains the system by reducing the flow of income available to meet current obligations and by increasing uncertainty about future liquidity needs. There is a general attempt to insure solvency which leads to a reduced demand for consumer and producer durables-which may in turn generate further income reductions. I find that this story helps explain some features of recession. It is largely but not entirely supported by the available evidence.

REFERENCES

  • B. Bernanke, "Irreversibility, Uncertainty, and Cyclical Investment," Nat. Bur. Econ. Res. work. paper no. 502, July 1980.
J. 1. Bulow and J. B. Shoven, "The Bankruptcy Decision," Bell J. con., Autumn 1978, 9, 437-56.
  • R. Coen, "The Effect of Cash Flow in the Speed of Adjustment," in Gary Fromm, ed., Tax Incentives and Capital Spending, Washington 1971.
0. Eckstein, E. Green, and A. Sinai, "The Data Resources Model: Uses, Structure, and Analysis of the U.S. Economy," Int. Econ. Rev., Oct. 1974, 15, 595-615.
  • I. Fisher, "The Debt-Deflation Theory of Great Depressions," Econometrica, Oct. 1933, 1, 337-57.
  • D. Jaffee and T. Russell, "Imperfect Information, Uncertainty, and Credit Rationing," Quart. J. Econ., Nov. 1976, 90, 651-66.
  • M. Miller, "Debt and Taxes," J. Finance, May 1977, 32, 261-75.
  • F. Mishkin, "The Household Balance Sheet and the Great Depression," J. Econ. History, Dec. 1978, 38, 918-37.
  • ———, "Illiquidity, Consumer Durable Expenditures, and Monetary Policy," Amer. Econ. Rev., Sept. 1976, 66, 642-54.
  • ———, "What Depressed the Consumer? The Household Balance Sheet and the 1973-75 Recession," Brookings Papers, Washington 1977, 1, 123-64.
  • Peter Temin, Did Monetary Forces Cause the Great Depression?, New York 1976.
  • J. Tobin, "Estimation of Relationships for Limited Dependent Variables," Econometrica, Jan. 1958, 26, 24-36.