This paper presents a model in which collateralized monetary loans are essential as trading instruments. Money and private debt collateralized by real assets complement each other as allocative tools, in an environment with informational and commitment limitations. Illiquid public debt may play a socially beneficial role, when collateral is scarce.
Ferraris, L., Mattesini, F. (2020). Money and Collateral. JOURNAL OF MONEY, CREDIT, AND BANKING, 52(7), 1617-1644 [10.1111/jmcb.12724].
Money and Collateral
Ferraris, Leo;Mattesini, Fabrizio
2020-01-01
Abstract
This paper presents a model in which collateralized monetary loans are essential as trading instruments. Money and private debt collateralized by real assets complement each other as allocative tools, in an environment with informational and commitment limitations. Illiquid public debt may play a socially beneficial role, when collateral is scarce.File in questo prodotto:
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