Business fluctuations in a behavioral switching model: Gridlock effects and credit crunch phenomena in financial networks
comunitat-uji-handle:10234/9
comunitat-uji-handle2:10234/8643
comunitat-uji-handle3:10234/8644
comunitat-uji-handle4:
INVESTIGACIONMetadades
Títol
Business fluctuations in a behavioral switching model: Gridlock effects and credit crunch phenomena in financial networksData de publicació
2020-02-29Editor
ElsevierCita bibliogràfica
GRILLI, Ruggero; TEDESCHI, Gabriele; GALLEGATI, Mauro. Business fluctuations in a behavioral switching model: gridlock effects and credit crunch phenomena in financial networks. Journal of Economic Dynamics and Control, 2020, 103863.Tipus de document
info:eu-repo/semantics/articleVersió de l'editorial
https://www.sciencedirect.com/science/article/pii/S0165188918303476Versió
info:eu-repo/semantics/submittedVersionParaules clau / Matèries
Resum
In this paper we characterize the evolution over time of a credit network in the most general terms as a system of interacting banks and firms operating in a three-sector economy with goods, credit and interbank market. ... [+]
In this paper we characterize the evolution over time of a credit network in the most general terms as a system of interacting banks and firms operating in a three-sector economy with goods, credit and interbank market. Credit connections change over time via an evolving fitness measure depending from lenders’ supply of liquidity and borrowers’ demand of credit. Moreover, an endogenous learning mechanism allows agents to switch between a loyal or a shopping-around strategy according to their degree of satisfaction. The crucial question we investigate is how financial bubbles and credit-crunch phenomena emerge from the implemented mechanism. [-]
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info:eu-repo/semantics/openAccess
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