期刊名称：Bank of Finland Research Discussion Papers (früher: Bank of Finland Discussion Papers)
印刷版ISSN：0785-3572
电子版ISSN：1456-6184
出版年度：2014
卷号：2014
出版社：Suomen Pankki = Bank of Finland
摘要：This paper investigates the macroconomics of real interest rates when there are constraints on debt nance, used both for insurance against income shocks and transferability of resources over time. We amend a standard continuous-time deterministic model of international ex- change, with patient and impatient countries, introducing country level shocks fully diversi able at the global level. A series of shocks that push one country towards its leverage limit induces substantial pre- cautionary saving and a collapse of real interest rate relative to the deterministic benchmark. We discuss the resulting dynamics of inter- est rates and the broader implications for macroeconomic modelling. [100 words]
关键词：borrowing constraints; debt management; incomplete nancial;markets; international macroeconomics; nance and macroeconomics;macroeconomic propagation; precautionary saving; systemic risk
