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Non-performing loans and inefficient capital reallocation
Non-performing loans have been shown to negatively affect credit supply, investment, and growth. Countries that have struggled to recover from financial crisis typically have had higher and more persistent non-performing loan levels. While these empirical facts have been well established, neither the mechanisms causing the great cross-country heterogeneity in non-performing loan dynamics, nor the channels through which they affect the real economy are well understood. In this paper I propose a structural model with search frictions in secondary capital markets that can link slow capital reallocation and non-performing loans.
Date:
12 February 2021, 13:00
Venue:
Held on Zoom
Speaker:
Philip Schnattinger (University of Oxford)
Organising department:
Department of Economics
Part of:
Macroeconomics Workshop
Booking required?:
Not required
Audience:
Members of the University only
Editor:
Melis Clark
