政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/130104

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政大機構典藏 > 社會科學學院 > 經濟學系 > 期刊論文 > Item 140.119/130104

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题名:	Industry equilibrium with random exit or default
作者:	江品慧 Chiang, Piin‐Hueih Boyarchenko, Svetlana
贡献者:	經濟系
关键词:	endogenous default;endogenous exit;heterogeneous firms;industryequilibrium
日期:	2019-08
上传时间:	2020-06-20 14:10:42 (UTC+8)
摘要:	An industry consisting of a large number of small price taking firms subject to idiosyncratic productivity shocks is considered. At the moment of entry, a firm takes on debt. We show that in a competitive equilibrium, some firms exit and pay out their debt while others choose to default. The outcome depends on the realization of firm‐specific shocks. The paper demonstrates that if the firms self‐select between exit with debt repayment and default, then the default region is disconnected from the exit region. The methodological contribution of the paper is the analytical characterization of the long‐run equilibrium for two scenarios of the initial distribution of productivity shocks. We consider two public policy mechanisms—contract enforcement and creditor protection. Our policy recommendation is that regulators need to reduce the contract enforcement if they want to decrease the long‐run default rate.
關聯:	Journal of Public Economic Theory, Vol.21, No.4, pp.650-686
数据类型:	article
DOI 連結:	https://doi.org/10.1111/jpet.12381
DOI:	10.1111/jpet.12381
显示于类别:	[經濟學系] 期刊論文

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