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Credit market heterogeneity, balance sheet (in)depence, and financial shocks

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Listed:
  • Chris Garbers
  • Guangling Dave Liu

Abstract

We find that credit market heterogeneity plays an important role in attenuating the impact of financial shocks by allowing borrowers to substitute away from the affected credit market. The shock attenuation property of credit market heterogeneity works through asset-pricing channel and substitution toward alternative credit types. The degree of attenuation offered by credit heterogeneity can […]

Suggested Citation

  • Chris Garbers & Guangling Dave Liu, 2017. "Credit market heterogeneity, balance sheet (in)depence, and financial shocks," Working Papers 109, Economic Research Southern Africa.
    • Handle: RePEc:rza:wpaper:109
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    Keywords

    Consumer Behavior; Financial Markets;

    JEL classification:

    • B29 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Other
    • B3 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals

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