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Macroeconomic Implications of Financial Imperfections: A Survey
Policy Research Working Papers
This paper surveys the theoretical and empirical literature on the macroeconomic implications of financial imperfections. It focuses on two major channels through which financial imperfections can affect macroeconomic outcomes. The first channel, which operates through the demand side of finance and is captured by financial acceleratortype mechanisms, describes how changes in borrowers' balance sheets can affect their access to finance and thereby amplify and propagate economic and financialdoi:10.1596/1813-9450-8260 fatcat:vuk7wskaova73nntt7gldhjy6q