The Asymmetric Effects of Financial Frictions
Author
Abstract
Suggested Citation
Note: EFG ME
Download full text from publisher
Other versions of this item:
- Guillermo Ordoñez, 2013. "The Asymmetric Effects of Financial Frictions," Journal of Political Economy, University of Chicago Press, vol. 121(5), pages 844-895.
References listed on IDEAS
- Djankov, Simeon & McLiesh, Caralee & Shleifer, Andrei, 2007.
"Private credit in 129 countries,"
Journal of Financial Economics, Elsevier, vol. 84(2), pages 299-329, May.
- Simeon Djankov & Caralee McLiesh & Andrei Shleifer, 2005. "Private Credit in 129 Countries," NBER Working Papers 11078, National Bureau of Economic Research, Inc.
- Shleifer, Andrei & Djankov, Simeon & McLiesh, Caralee, 2007. "Private credit in 129 countries?," Scholarly Articles 27867134, Harvard University Department of Economics.
- Mark Aguiar & Gita Gopinath, 2007.
"Emerging Market Business Cycles: The Cycle Is the Trend,"
Journal of Political Economy, University of Chicago Press, vol. 115, pages 69-102.
- Mark Aguiar & Gita Gopinath, 2004. "Emerging market business cycles: the cycle is the trend," Working Papers 04-4, Federal Reserve Bank of Boston.
- Aguiar, Mark & Gopinath, Gita, 2007. "Emerging Market Business Cycles: The Cycle is the Trend," Scholarly Articles 11988098, Harvard University Department of Economics.
- Mark Aguiar & Gita Gopinath, 2004. "Emerging Market Business Cycles: The Cycle is the Trend," NBER Working Papers 10734, National Bureau of Economic Research, Inc.
- Ross Levine, 1997.
"Financial Development and Economic Growth: Views and Agenda,"
Journal of Economic Literature, American Economic Association, vol. 35(2), pages 688-726, June.
- Levine, Ross, 1996. "Financial development and economic growth : views and agenda," Policy Research Working Paper Series 1678, The World Bank.
- Gilchrist, Simon & Yankov, Vladimir & Zakrajsek, Egon, 2009.
"Credit market shocks and economic fluctuations: Evidence from corporate bond and stock markets,"
Journal of Monetary Economics, Elsevier, vol. 56(4), pages 471-493, May.
- Vladimir Yankov & Egon Zakrajsek & Simon Gilchrist, 2009. "Credit Market Shocks and Economic Fluctuations: Evidence from Corporate Bond and Stock Markets," 2009 Meeting Papers 514, Society for Economic Dynamics.
- Simon Gilchrist & Vladimir Yankov & Egon Zakrajsek, 2009. "Credit Market Shocks and Economic Fluctuations: Evidence from Corporate Bond and Stock Markets," NBER Working Papers 14863, National Bureau of Economic Research, Inc.
- Jacklin, Charles J & Kleidon, Allan W & Pfleiderer, Paul, 1992. "Underestimation of Portfolio Insurance and the Crash of October 1987," Review of Financial Studies, Society for Financial Studies, vol. 5(1), pages 35-63.
- Ross Levine & Norman Loayza & Thorsten Beck, 2002.
"Financial Intermediation and Growth: Causality and Causes,"
Central Banking, Analysis, and Economic Policies Book Series, in: Leonardo Hernández & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Se (ed.),Banking, Financial Integration, and International Crises, edition 1, volume 3, chapter 2, pages 031-084,
Central Bank of Chile.
- Levine, Ross & Loayza, Norman & Beck, Thorsten, 2000. "Financial intermediation and growth: Causality and causes," Journal of Monetary Economics, Elsevier, vol. 46(1), pages 31-77, August.
- Levine, Ross & Loayza, Norman & Beck, Thorsten, 1999. "Financial intermediation and growth : Causality and causes," Policy Research Working Paper Series 2059, The World Bank.
- Thorsten Beck & Ross Levine & Norman Loayza, 1999. "Financial Intermediation and Growth: Causality and Causes," Working Papers Central Bank of Chile 56, Central Bank of Chile.
- Chang-Tai Hsieh & Peter J. Klenow, 2009.
"Misallocation and Manufacturing TFP in China and India,"
The Quarterly Journal of Economics, Oxford University Press, vol. 124(4), pages 1403-1448.
- Chang-Tai Hsieh & Peter J. Klenow, 2007. "Misallocation and Manufacturing TFP in China and India," Discussion Papers 07-006, Stanford Institute for Economic Policy Research.
- Chang-Tai Hsieh & Peter J Klenow, 2008. "Misallocation and Manufacturing TFP in China and India," 2008 Meeting Papers 121, Society for Economic Dynamics.
- Chang-Tai Hsieh & Peter J. Klenow, 2007. "Misallocation and Manufacturing TFP in China and India," NBER Working Papers 13290, National Bureau of Economic Research, Inc.
- Chang, Tai Hsieh & Peter, J- Klenow, 2007. "Misallocation and manufacturing TFP in China and India," MPRA Paper 35084, University Library of Munich, Germany, revised 15 Jun 2007.
- Chang-Tai Hsieh & Peter Klenow, 2009. "Misallocation and Manufacturing TFP in China and India," Working Papers 09-04, Center for Economic Studies, U.S. Census Bureau.
- Carlstrom, Charles T & Fuerst, Timothy S, 1997.
"Agency Costs, Net Worth, and Business Fluctuations: A Computable General Equilibrium Analysis,"
American Economic Review, American Economic Association, vol. 87(5), pages 893-910, December.
- Charles T. Carlstrom & Timothy S. Fuerst, 1996. "Agency costs, net worth, and business fluctuations: a computable general equilibrium analysis," Working Papers (Old Series) 9602, Federal Reserve Bank of Cleveland.
- Diego Restuccia & Richard Rogerson, 2008.
"Policy Distortions and Aggregate Productivity with Heterogeneous Plants,"
Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 11(4), pages 707-720, October.
- Richard Rogerson & Diego Restuccia, 2004. "Policy Distortions and Aggregate Productivity with Heterogeneous Plants," 2004 Meeting Papers 69, Society for Economic Dynamics.
- Diego Restuccia & Richard Rogerson, 2007. "Policy Distortions and Aggregate Productivity with Heterogeneous Plants," Working Papers tecipa-283, University of Toronto, Department of Economics.
- Diego Restuccia & Richard Rogerson, 2007. "Policy Distortions and Aggregate Productivity with Heterogeneous Plants," NBER Working Papers 13018, National Bureau of Economic Research, Inc.
- Francisco J. Buera & Joseph P. Kaboski & Yongseok Shin, 2011.
"Finance and Development: A Tale of Two Sectors,"
American Economic Review, American Economic Association, vol. 101(5), pages 1964-2002, August.
- Yongseok Shin & Joe Kaboski & Francisco J. Buera, 2008. "Finance and Development: A Tale of Two Sectors," 2008 Meeting Papers 955, Society for Economic Dynamics.
- Francisco J. Buera & Joseph Kaboski & Yongseok Shin, 2009. "Finance and Development: A Tale of Two Sectors," NBER Working Papers 14914, National Bureau of Economic Research, Inc.
- Judd, Kenneth L. & Guu, Sy-Ming, 1997. "Asymptotic methods for aggregate growth models," Journal of Economic Dynamics and Control, Elsevier, vol. 21(6), pages 1025-1042, June.
- Simon Gilchrist & Egon Zakrajsek, 2012.
"Credit Spreads and Business Cycle Fluctuations,"
American Economic Review, American Economic Association, vol. 102(4), pages 1692-1720, June.
- Simon Gilchrist & Egon Zakrajšek, 2011. "Credit Spreads and Business Cycle Fluctuations," NBER Working Papers 17021, National Bureau of Economic Research, Inc.
- Warner, Jerold B, 1977. "Bankruptcy Costs: Some Evidence," Journal of Finance, American Finance Association, vol. 32(2), pages 337-347, May.
- Veldkamp, Laura L., 2005. "Slow boom, sudden crash," Journal of Economic Theory, Elsevier, vol. 124(2), pages 230-257, October.
- Stefan Krasa & Anne P. Villamil, 2000. "Optimal Contracts when Enforcement Is a Decision Variable," Econometrica, Econometric Society, vol. 68(1), pages 119-134, January.
- Townsend, Robert M., 1979.
"Optimal contracts and competitive markets with costly state verification,"
Journal of Economic Theory, Elsevier, vol. 21(2), pages 265-293, October.
- Robert M. Townsend, 1979. "Optimal contracts and competitive markets with costly state verification," Staff Report 45, Federal Reserve Bank of Minneapolis.
- Douglas Gale & Martin Hellwig, 1985. "Incentive-Compatible Debt Contracts: The One-Period Problem," Review of Economic Studies, Oxford University Press, vol. 52(4), pages 647-663.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Cezar, Rafael & Gigout, Timothée & Tripier, Fabien, 2020.
"Cross-border investments and uncertainty: Firm-level evidence,"
Journal of International Money and Finance, Elsevier, vol. 108(C).
- R. Cezar & T. Gigout & F. Tripier, 2020. "Cross-border investments and uncertainty: Firm-level evidence," Post-Print hal-02877942, HAL.
- Rafael Cezar & Timothée Gigout & Fabien Tripier, 2020. "Cross-border Investments and Uncertainty Firm-level Evidence," Working Papers 2020-03, CEPII research center.
- Rafael Cezar & Timothée Gigout & Fabien Tripier, 2020. "Cross-border Investments and Uncertainty: Firm-level Evidence," Working papers 766, Banque de France.
- Ambrocio, Gene, 2017.
"The real effects of overconfidence and fundamental uncertainty shocks,"
Research Discussion Papers
37/2017, Bank of Finland.
- Ambrocio, Gene, 2017. "The real effects of overconfidence and fundamental uncertainty shocks," Research Discussion Papers 37, Bank of Finland.
- Nicholas Bloom & Fatih Guvenen & Sergio Salgado, 2016.
"Skewed Business Cycles,"
2016 Meeting Papers
1621, Society for Economic Dynamics.
- Sergio Salgado & Fatih Guvenen & Nicholas Bloom, 2019. "Skewed Business Cycles," 2019 Meeting Papers 1189, Society for Economic Dynamics.
- Sergio Salgado & Fatih Guvenen & Nicholas Bloom, 2019. "Skewed Business Cycles," NBER Working Papers 26565, National Bureau of Economic Research, Inc.
- Geert Bekaert & Alexander Popov, 2019.
"On the Link Between the Volatility and Skewness of Growth,"
IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 67(4), pages 746-790, December.
- Geert Bekaert & Alexander Popov, 2012. "On the Link Between the Volatility and Skewness of Growth," NBER Working Papers 18556, National Bureau of Economic Research, Inc.
- Gigout, Timothee, 2019. "Firm dynamics in an global and uncertain economy," MPRA Paper 96569, University Library of Munich, Germany, revised 16 Oct 2019.
- Bo Becker & Marieke Bos & Kasper Roszbach, 2020. "Bad Times, Good Credit," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(S1), pages 107-142, October.
- Evelyn Wamboye & Rajen Mookerjee, 2014.
"Financial development and manufactured exports: the African experience,"
International Journal of Economic Policy in Emerging Economies, Inderscience Enterprises Ltd, vol. 7(1), pages 22-34.
- Wamboye, Evelyn & Mookerjee, Rajen, 2013. "Financial development and manufactured exports: the african experience," MPRA Paper 46474, University Library of Munich, Germany.
- Gene Ambrocio, 2020.
"Rational exuberance booms,"
Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 35, pages 263-282, January.
- Ambrocio, Gene, 2015. "Rational exuberance booms and asymmetric business cycles," Research Discussion Papers 24/2015, Bank of Finland.
- Ranjan Kumar Mohanty & N R Bhanumurthy, 2020. "Asymmetric Monetary Policy Transmission in India:Does Financial Friction Matter?," BASE University Working Papers 03/2020, BASE University, Bengaluru, India.
- Ferrari, Massimo, 2014. "The financial meltdown: a model with endogenous default probability," MPRA Paper 59419, University Library of Munich, Germany.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95, July.
- F. Arizala & E. Cavallo & A. Galindo, 2013.
"Financial development and TFP growth: cross-country and industry-level evidence,"
Applied Financial Economics, Taylor & Francis Journals, vol. 23(6), pages 433-448, March.
- Francisco Arizala & Eduardo Cavallo & Arturo Galindo, 2009. "Financial Development and TFP Growth: Cross-Country and Industry-Level Evidence," Research Department Publications 4630, Inter-American Development Bank, Research Department.
- Arizala, Francisco & Cavallo, Eduardo A. & Galindo, Arturo, 2011. "Financial Development and TFP Growth: Cross-Country and Industry-Level Evidence," IDB Publications (Working Papers) 1654, Inter-American Development Bank.
- Simon Gilchrist & Jae W. Sim & Egon Zakrajsek, 2013.
"Misallocation and Financial Market Frictions: Some Direct Evidence from the Dispersion in Borrowing Costs,"
Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 16(1), pages 159-176, January.
- Simon Gilchrist & Jae W. Sim & Egon Zakrajšek, 2012. "Misallocation and financial market frictions: some direct evidence from the dispersion in borrowing costs," Finance and Economics Discussion Series 2012-08, Board of Governors of the Federal Reserve System (U.S.).
- Simon Gilchrist & Jae W. Sim & Egon Zakrajsek, 2012. "Code and data files for "Misallocation and Financial Market Frictions: Some Direct Evidence from the Dispersion in Borrowing Costs"," Computer Codes 11-238, Review of Economic Dynamics.
- Zhixiong Zeng, 2013.
"A theory of the non-neutrality of money with banking frictions and bank recapitalization,"
Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 52(2), pages 729-754, March.
- Zeng, Zhixiong, 2010. "A theory of the non-neutrality of money with banking frictions and bank recapitalization," MPRA Paper 24752, University Library of Munich, Germany.
- Zeng, Zhixiong, 2011. "A theory of the non-neutrality of money with banking frictions and bank recapitalization," MPRA Paper 33471, University Library of Munich, Germany.
- Thomas Barnebeck Andersen & Finn Tarp, 2003. "Financial liberalization, financial development and economic growth in LDCs," Journal of International Development, John Wiley & Sons, Ltd., vol. 15(2), pages 189-209.
- Ai, Hengjie & Li, Kai & Yang, Fang, 2020.
"Financial intermediation and capital reallocation,"
Journal of Financial Economics, Elsevier, vol. 138(3), pages 663-686.
- Kai Li & Fang Yang & Hengjie Ai, 2015. "Financial Intermediation and Capital Reallocation," 2015 Meeting Papers 429, Society for Economic Dynamics.
- Bah, El-hadj & Fang, Lei, 2015.
"Impact of the business environment on output and productivity in Africa,"
Journal of Development Economics, Elsevier, vol. 114(C), pages 159-171.
- Bah, El-hadj M. & Fang, Lei, 2011. "Impact of the business environment on output and productivity in Africa," MPRA Paper 32225, University Library of Munich, Germany.
- Bah, El-hadj M. & Fang, Lei, 2011. "Impact of the business environment on output and productivity in Africa," MPRA Paper 32517, University Library of Munich, Germany.
- El-hadj Bah & Lei Fang, 2011. "Impact of the business environment on output and productivity in Africa," FRB Atlanta Working Paper 2011-14, Federal Reserve Bank of Atlanta.
- Nadav Ben Zeev & Tomer Ifergane, .
"Firing Restrictions and Economic Resilience: Protect and Survive?,"
Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics.
- Nadav Ben Zeev & Tomer Ifergane, 2021. "Online Appendix to "Firing Restrictions and Economic Resilience: Protect and Survive?"," Online Appendices 19-438, Review of Economic Dynamics.
- Athreya, Kartik B., 2014. "Big Ideas in Macroeconomics: A Nontechnical View," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262019736, September.
- Drozd, Lukasz A. & Serrano-Padial, Ricardo, 2018.
"Financial contracting with enforcement externalities,"
Journal of Economic Theory, Elsevier, vol. 178(C), pages 153-189.
- Ricardo Serrano-Padial & Lukasz Drozd, 2015. "Financial Contracting with Enforcement Externalities," 2015 Meeting Papers 1362, Society for Economic Dynamics.
- Lukasz A. Drozd & Ricardo Serrano-Padial, 2016. "Financial contracting with enforcement externalities," Working Papers 16-1, Federal Reserve Bank of Philadelphia.
- Lukasz A. Drozd & Ricardo Serrano-Padial, 2018. "Financial Contracting with Enforcement Externalities," Working Papers 18-21, Federal Reserve Bank of Philadelphia.
- Wu, Guiying Laura, 2018. "Capital misallocation in China: Financial frictions or policy distortions?," Journal of Development Economics, Elsevier, vol. 130(C), pages 203-223.
- Diego Restuccia & Richard Rogerson, 2017.
"The Causes and Costs of Misallocation,"
Journal of Economic Perspectives, American Economic Association, vol. 31(3), pages 151-174, Summer.
- Diego Restuccia & Richard Rogerson, 2017. "The Causes and Costs of Misallocation," Working Papers tecipa-581, University of Toronto, Department of Economics.
- Diego Restuccia & Richard Rogerson, 2017. "The Causes and Costs of Misallocation," NBER Working Papers 23422, National Bureau of Economic Research, Inc.
- El-Hadj Bah & Lei Fang, 2015. "Working Paper - 219 - Impact of the business Environment on Output and Productivity in Africa," Working Paper Series 2159, African Development Bank.
- Hristov, Atanas, 2015.
"The high sensitivity of employment to agency costs: The relevance of wage rigidity,"
Journal of Macroeconomics, Elsevier, vol. 45(C), pages 137-154.
- Atanas Hristov, 2010. "The High Sensitivity of Employment to Agency Costs: The Relevance of Wage Rigidity," SFB 649 Discussion Papers SFB649DP2010-044, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
- Levine, Ross, 2005.
"Finance and Growth: Theory and Evidence,"
Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 12, pages 865-934,
Elsevier.
- Ross Levine, 2004. "Finance and Growth: Theory and Evidence," NBER Working Papers 10766, National Bureau of Economic Research, Inc.
- Ranasinghe, Ashantha & Restuccia, Diego, 2018.
"Financial frictions and the rule of law,"
Journal of Development Economics, Elsevier, vol. 134(C), pages 248-271.
- Ashantha Ranasinghe & Diego Restuccia, 2016. "Financial Frictions and the Rule of Law," Working Papers tecipa-554, University of Toronto, Department of Economics.
- Ashantha Ranasinghe & Diego Restuccia, 2018. "Financial Frictions and the Rule of Law," NBER Working Papers 24546, National Bureau of Economic Research, Inc.
- Ashantha Ranasinghe & Diego Restuccia, 2018. "Financial Frictions and the Rule of Law," Working Papers tecipa-601, University of Toronto, Department of Economics.
- Hiroko Oura, 2008. "Financial Development and Growth in India; A Growing Tiger in a Cage?," IMF Working Papers 2008/079, International Monetary Fund.
- Carlstrom, Charles T. & Fuerst, Timothy S., 2001.
"Monetary shocks, agency costs, and business cycles,"
Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 54(1), pages 1-27, June.
- Charles T. Carlstrom & Timothy S. Fuerst, 2000. "Monetary shocks, agency costs, and business cycles," Working Papers (Old Series) 0011, Federal Reserve Bank of Cleveland.
- De Fiore, Fiorella & Uhlig, Harald, 2005.
"Bank finance versus bond finance: what explains the differences between US and Europe?,"
Working Paper Series
547, European Central Bank.
- Fiorella De Fiore & Harald Uhlig, 2005. "Bank finance versus bond finance: what explains the differences between US and Europe?," SFB 649 Discussion Papers SFB649DP2005-042, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
- De Fiore, Fiorella & Uhlig, Harald, 2005. "Bank Finance versus Bond Finance: What Explains the Differences Between the US and Europe?," CEPR Discussion Papers 5213, C.E.P.R. Discussion Papers.
- Harald Uhlig & Fiorella De Fiore, 2005. "Bank Finance versus Bond Finance: What Explains the Differences Between US and Europe?," 2005 Meeting Papers 618, Society for Economic Dynamics.
- Diego Restuccia & Richard Rogerson, 2013.
"Misallocation and productivity,"
Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 16(1), pages 1-10, January.
- Diego Restuccia & Richard Rogerson, 2012. "Misallocation and Productivity," Working Papers tecipa-468, University of Toronto, Department of Economics.
More about this item
JEL classification:
- D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
- G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
NEP fields
This paper has been announced in the following NEP Reports:- NEP-CBA-2012-09-16 (Central Banking)
- NEP-DGE-2012-09-16 (Dynamic General Equilibrium)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nbr:nberwo:18360. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (). General contact details of provider: http://edirc.repec.org/data/nberrus.html .
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.