Credit and Bankruptcy in a Temporary Equilibrium Model

Cheny, Weiye

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論文情報

タイトル	Credit and Bankruptcy in a Temporary Equilibrium Model
著者	Cheny, Weiye Cheny, Weiye
キーワード等	Temporary equilibrium
	Bankruptcy
	Credit scheme
	Liquidation rule
	Money
抄録	A temporary general equilibrium in bankruptcy model with finite periods was analyzed in this paper, which (i) every consumer only issues one type of bond to financial market in each period; (ii) the bank has right to circulate currency, and never face bankruptcy. The model was an extesion of the Bankruptcy model in Eichberger(1989), based on the assumptions that the occurrence of moral hazard is prevented by the credit scheme law, which depends on the current information and forecast function. The main result of this paper enables as to develop the liquidation rule without penalties. This rule can also be used to interpret liquidating distribution in Bankruptcy Act. In addition, the bankruptcy mechanism plays an effective role even if the chain-reaction bankruptcy occurred. Moreover, we can prove that the economy will never collapse in an overlapping model which has some newborn in every period.
公開者	Graduate School of Economics and Osaka School of International Public Policy (OSIPP) Osaka University
掲載誌名	Discussion Papers In Economics And Business
巻	18-23
開始ページ	1
終了ページ	22
刊行年月	2018-07
URL	http://hdl.handle.net/11094/70125
関連情報 (references)	http://www2.econ.osaka-u.ac.jp/library/global/dp/1823.pdf
言語	英語
カテゴリ	ディスカッション／ワーキング・ペーパー DP/WP

著者版フラグ	none
NII資源タイプ	テクニカルレポート
ローカル資源タイプ	ディスカッション／ワーキング・ペーパー
dcmi資源タイプ	text
DCTERMS.bibliographicCitation	Discussion Papers In Economics And Business.18-23 P.1-P.22
DC.title	Credit and Bankruptcy in a Temporary Equilibrium Model
DC.creator	Cheny, Weiye
DC.publisher	Graduate School of Economics and Osaka School of International Public Policy (OSIPP) Osaka University
DC.language" scheme="DCTERMS.RFC1766	英語
DCTERMS.issued" scheme="DCTERMS.W3CDTF	2018-07
DC.identifier" scheme="DCTERMS.URI	http://hdl.handle.net/11094/70125
DC.subject	Temporary equilibrium
	Bankruptcy
	Credit scheme
	Liquidation rule
	Money
DCTERMS.abstract	A temporary general equilibrium in bankruptcy model with finite periods was analyzed in this paper, which (i) every consumer only issues one type of bond to financial market in each period; (ii) the bank has right to circulate currency, and never face bankruptcy. The model was an extesion of the Bankruptcy model in Eichberger(1989), based on the assumptions that the occurrence of moral hazard is prevented by the credit scheme law, which depends on the current information and forecast function. The main result of this paper enables as to develop the liquidation rule without penalties. This rule can also be used to interpret liquidating distribution in Bankruptcy Act. In addition, the bankruptcy mechanism plays an effective role even if the chain-reaction bankruptcy occurred. Moreover, we can prove that the economy will never collapse in an overlapping model which has some newborn in every period.
citation_title	Credit and Bankruptcy in a Temporary Equilibrium Model
citation_author	Cheny, Weiye
citation_publisher	Graduate School of Economics and Osaka School of International Public Policy (OSIPP) Osaka University
citation_language	英語
citation_date	2018-07
citation_journal_title	Discussion Papers In Economics And Business
citation_volume	18-23
citation_firstpage	1
citation_lastpage	22
citation_public_url	http://hdl.handle.net/11094/70125
citation_keywords	Temporary equilibrium
	Bankruptcy
	Credit scheme
	Liquidation rule
	Money

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