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Article: A dynamic general equilibrium framework of investment with financing constraint

TitleA dynamic general equilibrium framework of investment with financing constraint
Authors
Issue Date2003
PublisherInternational Monetary Fund. The Journal's web site is located at http://www.imf.org
Citation
Imf Staff Papers, 2003, v. 50 n. 2, p. 274-290 How to Cite?
AbstractIn this paper, we provide a dynamic general equilibrium framework with an explicit investment-financing constraint. The constraint is intended as a reduced form to capture the balance sheet effects that have been widely regarded as an important determinant of financial crises. We derive a link between the value of a firm and social welfare. Using this link, we show the somewhat surprising possibility that the value of a firm can be greater with the constraint. Our model also sheds light on how the effects of productivity shocks and investors' misperception of productivity shocks may be amplified by the financing constraint. © 2003 International Monetary Fund.
Persistent Identifierhttp://hdl.handle.net/10722/85635
ISSN
2012 Impact Factor: 2.312
References

 

DC FieldValueLanguage
dc.contributor.authorXie, Den_HK
dc.contributor.authorYuen, CWen_HK
dc.date.accessioned2010-09-06T09:07:26Z-
dc.date.available2010-09-06T09:07:26Z-
dc.date.issued2003en_HK
dc.identifier.citationImf Staff Papers, 2003, v. 50 n. 2, p. 274-290en_HK
dc.identifier.issn1020-7635en_HK
dc.identifier.urihttp://hdl.handle.net/10722/85635-
dc.description.abstractIn this paper, we provide a dynamic general equilibrium framework with an explicit investment-financing constraint. The constraint is intended as a reduced form to capture the balance sheet effects that have been widely regarded as an important determinant of financial crises. We derive a link between the value of a firm and social welfare. Using this link, we show the somewhat surprising possibility that the value of a firm can be greater with the constraint. Our model also sheds light on how the effects of productivity shocks and investors' misperception of productivity shocks may be amplified by the financing constraint. © 2003 International Monetary Fund.en_HK
dc.languageengen_HK
dc.publisherInternational Monetary Fund. The Journal's web site is located at http://www.imf.orgen_HK
dc.relation.ispartofIMF Staff Papersen_HK
dc.titleA dynamic general equilibrium framework of investment with financing constrainten_HK
dc.typeArticleen_HK
dc.identifier.emailYuen, CW: cwyuen@hku.hken_HK
dc.identifier.authorityYuen, CW=rp01123en_HK
dc.description.naturelink_to_OA_fulltext-
dc.identifier.scopuseid_2-s2.0-4344631815en_HK
dc.identifier.hkuros80367en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-4344631815&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume50en_HK
dc.identifier.issue2en_HK
dc.identifier.spage274en_HK
dc.identifier.epage290en_HK
dc.publisher.placeUnited Statesen_HK
dc.identifier.scopusauthoridXie, D=7202588248en_HK
dc.identifier.scopusauthoridYuen, CW=7101633296en_HK

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