This paper relates to the macroeconomics of imperfect capital markets. In this framework, the heterogeneity of agents, notably of borrowing firms, is a key element in the explanation of interactions between financial intermediaries and borrowers facing a bankruptcy probability. This probability is usually introduced through exogenous stochastic factors in firms' revenue. In this paper I pursue a more inherently informational approach which, even though all market processes are deterministic, partly endogenizes" the default probability as a consequence of heterogeneous

A macroeconomic model of bankruptcy / Tamborini, Roberto. - ELETTRONICO. - (1997), pp. 1-32.

A macroeconomic model of bankruptcy

Tamborini, Roberto
1997-01-01

Abstract

This paper relates to the macroeconomics of imperfect capital markets. In this framework, the heterogeneity of agents, notably of borrowing firms, is a key element in the explanation of interactions between financial intermediaries and borrowers facing a bankruptcy probability. This probability is usually introduced through exogenous stochastic factors in firms' revenue. In this paper I pursue a more inherently informational approach which, even though all market processes are deterministic, partly endogenizes" the default probability as a consequence of heterogeneous
1997
Trento, Italia
Università degli Studi di Trento. Dipartimento di Economia
A macroeconomic model of bankruptcy / Tamborini, Roberto. - ELETTRONICO. - (1997), pp. 1-32.
Tamborini, Roberto
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11572/358334
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