Hirakata, Naohisa; Sudo, Nao; Ueda, Kozo - Institute for Monetary and Economic Studies, Bank of Japan - 2009
a chain of credit contracts in which financial intermediaries (hereafter FIs) as well as entrepreneurs are subject to … credit constraints. Financial intermediation takes place through chained-credit contracts, lending from the market to FIs …, and from FIs to entrepreneurs. Calibrated to U.S. data, our model shows that the chained credit contracts enhance the …