Revisiting overborrowing and its policy implications

Economies with imperfect financial market access may experience crises that cause significant economic dislocation. These crises are characterized by the sudden stop of domestic or international credit flows and they are associated with large declines in consumption output relative prices and asset...

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Autores principales:	Benigno, Gianluca, Chen, Huigang, Rebucci, Alessandro, Young, Eric R.
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	DEUDA MERCADO FINANCIERO
Acceso en línea:	https://hdl.handle.net/20.500.12580/3880
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spelling	oai-20.500.12580-38802021-04-24T11:15:42Z Revisiting overborrowing and its policy implications Benigno, Gianluca Chen, Huigang Rebucci, Alessandro Young, Eric R. DEUDA MERCADO FINANCIERO Economies with imperfect financial market access may experience crises that cause significant economic dislocation. These crises are characterized by the sudden stop of domestic or international credit flows and they are associated with large declines in consumption output relative prices and asset prices. An important question for emerging-market economies is whether in normal times when access to financial markets is unconstrained and plentiful excessive borrowing affects the likelihood and the severity of these crises. This question is important because the policy implications of alternative answers are very different. If there is excessive or inefficient borrowing in good times (that is 'overborrowing') policy should be geared primarily toward addressing the ex ante inefficiency that causes it for example by imposing a tax on capital flows or other forms of capital controls and prudential regulations to reduce the incentives to borrow excessively. 2019-11-01T00:05:19Z 2019-11-01T00:05:19Z 2011 Artículo 978-956-7421-35-0 https://hdl.handle.net/20.500.12580/3880 eng Series on Central Banking Analysis and Economic Policies no. 16 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 145-184 application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	DEUDA MERCADO FINANCIERO
spellingShingle	DEUDA MERCADO FINANCIERO Benigno, Gianluca Chen, Huigang Rebucci, Alessandro Young, Eric R. Revisiting overborrowing and its policy implications
description	Economies with imperfect financial market access may experience crises that cause significant economic dislocation. These crises are characterized by the sudden stop of domestic or international credit flows and they are associated with large declines in consumption output relative prices and asset prices. An important question for emerging-market economies is whether in normal times when access to financial markets is unconstrained and plentiful excessive borrowing affects the likelihood and the severity of these crises. This question is important because the policy implications of alternative answers are very different. If there is excessive or inefficient borrowing in good times (that is 'overborrowing') policy should be geared primarily toward addressing the ex ante inefficiency that causes it for example by imposing a tax on capital flows or other forms of capital controls and prudential regulations to reduce the incentives to borrow excessively.
format	Artículo
author	Benigno, Gianluca Chen, Huigang Rebucci, Alessandro Young, Eric R.
author_facet	Benigno, Gianluca Chen, Huigang Rebucci, Alessandro Young, Eric R.
author_sort	Benigno, Gianluca
title	Revisiting overborrowing and its policy implications
title_short	Revisiting overborrowing and its policy implications
title_full	Revisiting overborrowing and its policy implications
title_fullStr	Revisiting overborrowing and its policy implications
title_full_unstemmed	Revisiting overborrowing and its policy implications
title_sort	revisiting overborrowing and its policy implications
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3880
work_keys_str_mv	AT benignogianluca revisitingoverborrowinganditspolicyimplications AT chenhuigang revisitingoverborrowinganditspolicyimplications AT rebuccialessandro revisitingoverborrowinganditspolicyimplications AT youngericr revisitingoverborrowinganditspolicyimplications
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Revisiting overborrowing and its policy implications

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