Financial contracts and regime switching in business cycles

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Title:	Financial contracts and regime switching in business cycles
Authors:	林志鴻
Contributors:	淡江大學國際貿易學系暨國際企業研究所
Keywords:	景氣循環;財務契約;制度變遷;獨佔解;金融中介;Business Cycle;Financial Contract;Regime Switching;Monopoly Solution;Financial Intermediary
Date:	1999-06-05
Issue Date:	2009-10-22 15:37:33 (UTC+8)
Publisher:	臺北縣淡水鎮：淡江大學
Abstract:	A theoretical model of financial intermediary- productive borrower bilateral monopoly with regime switching in business cycles is developed. This paper implies that the market power shifting either from an intermediary to a productive firm (Borrower) or from a productive firm to an intermediary has a direct effect on the composition of the optimal financial contract. This paper suggests that: (1 ) a loan-rate-taking financial intermediary dominated by a productive borrower is reluctant to grant new services during cyclical expansions and (2) a loan-rate-setting financial intermediary is willing to grant new services during cyclical contractions. Innovations in the financial intermediary's service are discouraged by monopsony power in the intermediary-borrower bilateral structure during cyclical expansions.
Relation:	國際經濟、企業、與經貿法規學術研討會論文集, pp.235-251
Appears in Collections:	[Graduate Institute & Department of International Business] Proceeding

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