Soft budget constraints in a dynamic general equilibrium model
This paper considers an overlapping generations model in which capital investment is financed in a credit market with adverse selection. Lenders’ inability to commit ex-ante not to bailout ex-post, together with a wealthy position of entrepreneurs gives rise to the soft budget constraint syndrome, i...
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Formato: | Documento de trabajo (Working Paper) |
Lenguaje: | Español (Spanish) |
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Universidad del Rosario
2010
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Acceso en línea: | http://repository.urosario.edu.co/handle/10336/10800 |