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REF doctoral seminar

When Feb 11, 2011
from 03:00 PM to 04:00 PM
Where Laundress Lane, Seminar Room 1
Contact Name
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Kirill Zavodov (Department of Land Economy) presenting, Phuong Doan discussing.

TitleFunctional dependence, Credit and Investment

Abstract: We consider the structure of functional dependence in an investment valuation problem under uncertainty that arises due to complementarity and spillover effects. The functional dependence structure may result in a low-level equilibrium trap. We derive efficient transfers that help to resolve the trap. We examine the role of credit in relation to the aggregate pace of investment activity and fragility of the structure. We show that explicit or implicit government guarantees to firms that are "too interconnected to fail" may have an adverse effect on the pace of aggregate investment but a positive effect on the debt capacity of higher-order complementaries.

The format is 30 minutes presentation, 10 minutes discussant, 20 minutes general questions and debate. We hope to continue the discussion informally after the seminar

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