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This paper is a theoretical study into how credit constraints intereact with aggregate economic activity over the business cycle. We construct a model of a dynamic economy in which lenders cannot force borrowers to repay their debts unless the debts are secured. In such an economy, durable...
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This paper is a theoretical study into how credit constraints intereact with aggregate economic activity over the business cycle. We construct a model of a dynamic economy in which lenders cannot force borrowers to repay their debts unless the debts are secured. In such an economy, durable...
Persistent link: https://www.econbiz.de/10010720239
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