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Economic performance, creditor protection, and labour inflexibility

机译:经济表现,债权人保护和劳动僵化

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摘要

We present a static general equilibrium model of an open economy where agents are heterogeneous in terms of observable wealth and there are endogenous credit constraints due to imperfect creditor protection. Improved credit protection, harder assets, and more efficient bankruptcy procedures increase output, investment, and credit penetration. Better credit protection and harder assets lead to higher interest rate spreads. In a capital constrained (unconstrained) economy, greater (lower) wealth inequality leads to higher (lower) investment and output. Interest rate spreads are lower in richer and more unequal economies in terms of their wealth distribution. We also show that increased labour protection leads to lower wages and output in the presence of credit market imperfections. Nevertheless, increased protection benefits workers in (and owners of) firms with strong balance sheets.
机译:我们提出了一个开放经济的静态一般均衡模型,其中代理人在可观察到的财富方面是异质的,并且由于不完善的债权人保护而存在内生的信贷约束。改进的信用保护,更硬的资产和更有效的破产程序可以提高产出,投资和信用渗透率。更好的信贷保护和更坚硬的资产导致更高的利率利差。在资本约束(不受约束)的经济中,更大(更低)的财富不平等导致更高(更低)的投资和产出。就财富分配而言,较富裕和不平等的经济体的利差较低。我们还表明,在存在信贷市场不完善的情况下,加强劳动保护会导致工资和产出下降。但是,增加保护水平会使资产负债表强劲的公司(及其所有者)的工人受益。

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  • 来源
    《Oxford Economic Papers》 |2010年第3期|p.553-577|共25页
  • 作者

    Ronald Fischer;

  • 作者单位
  • 收录信息 美国《科学引文索引》(SCI);
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

  • 入库时间 2022-08-18 01:06:39

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