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  • Workshop (Nov 13, 2018) “A Model of Collateral”

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Workshop (Nov 13, 2018) “A Model of Collateral”

Release Date:2018.11.08
Time: 16:40~18:10, Tue, 2018/11/13
Place: E-E-211
Presenter: Prof. Hiroki Fukai (Kyushu University) 
Title: A Model of Collateral 
Abstract: 
This paper presents a simple equilibrium model in which collateralized
credit emerges endogenously. Agents cannot commit to the use of collateral
as a guarantee of repayment, and both lenders and borrowers have
incentives to renege. Our theory provides a micro-foundation to justify
the borrowing constraints that are widely used in the existing
macroeconomic models. We explain why assets are often used as collateral,
rather than as a means of payment, even when these assets can be traded on
markets, why there is a tradeoff in assets between return and liquidity,
and what kinds of assets are useful as collateral.
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Kyushu UniversitySchool of Economics,
Graduate School of Economics,
Faculty of Economics,
Kyushu University
744 Motooka Nishi-ku, Fukuoka 819-0395, JAPAN
General Information
E-mail: jbssyomu2-at-jimu.kyushu-u.ac.jp
(Replace -at- with at mark)
Admission, Curriculum
E-mail: jbkkyomu2ec-at-jimu.kyushu-u.ac.jp
(Replace -at- with at mark)
Copyright 2003- Faculty of Economics Kyushu University
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