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[null,"1.","Record Nr.",null,"UNINA9910973781403321"]
[null,null,"Autore",null,"Tong Hui"]
[null,null,"Titolo",null,"Real Effects of the Subprime Mortgage Crisis : : Is it a Demand or a Finance Shock? / / Hui Tong, Shang-Jin Wei"]
[null,null,"Pubbl/distr/stampa",null,"Washington, D.C. : , : International Monetary Fund, , 2008"]
[null,null,"ISBN",null,"9786612841378"]
[{"$nulls":4},"9781462332588"]
[{"$nulls":4},"1462332587"]
[{"$nulls":4},"9781452762197"]
[{"$nulls":4},"1452762198"]
[{"$nulls":4},"9781451870442"]
[{"$nulls":4},"1451870442"]
[{"$nulls":4},"9781282841376"]
[{"$nulls":4},"1282841378"]
[null,null,"Edizione",null,"[1st ed.]"]
[null,null,"Descrizione fisica",null,"1 online resource (39 p.)"]
[null,null,"Collana",null,"IMF Working Papers"]
[{"$nulls":4},"IMF working paper ; ; WP/08/186"]
[null,null,"Disciplina",null,"338.542"]
[null,null,"Soggetti",null,"Financial crises - Economic aspects"]
[{"$nulls":4},"Liquidity (Economics)"]
[{"$nulls":4},"Subprime mortgage loans - Economic aspects - United States"]
[{"$nulls":4},"Asset prices"]
[{"$nulls":4},"Commodity Markets"]
[{"$nulls":4},"Commodity prices"]
[{"$nulls":4},"Deflation"]
[{"$nulls":4},"Economics"]
[{"$nulls":4},"Finance"]
[{"$nulls":4},"Finance: General"]
[{"$nulls":4},"Financial Instruments"]
[{"$nulls":4},"Inflation"]
[{"$nulls":4},"Institutional Investors"]
[{"$nulls":4},"Investment & securities"]
[{"$nulls":4},"Investment Decisions"]
[{"$nulls":4},"Investments: Stocks"]
[{"$nulls":4},"Liquidity indicators"]
[{"$nulls":4},"Liquidity"]
[{"$nulls":4},"Macroeconomics"]
[{"$nulls":4},"Non-bank Financial Institutions"]
[{"$nulls":4},"Pension Funds"]
[{"$nulls":4},"Portfolio Choice"]
[{"$nulls":4},"Price Level"]
[{"$nulls":4},"Prices"]
[{"$nulls":4},"Stocks"]
[{"$nulls":4},"United States"]
[null,null,"Lingua di pubblicazione",null,"Inglese"]
[null,null,"Formato",null,"Materiale a stampa"]
[null,null,null,"Livello bibliografico","Monografia"]
[null,null,null,"Note generali","Description based upon print version of record."]
[null,null,null,"Nota di bibliografia","Includes bibliographical references."]
[null,null,"Nota di contenuto",null,"Contents; I. Introduction; II. Specification and Key Variables; A. Basic Specification; B. Key Data; III. Empirical Analysis; A. Basic Results; B. Evolving Roles of Liquidity Constraint and Demand Contractions; C. Alternative Measure of Financial Dependence; D. Placebo Tests; E. Exposures to Exchange Rate and Commodity Price Movement; F. Additional Robustness Checks and Extensions; IV. Conclusion; References; Tables; 1a. Summary Statistics; 1b. Correlation Among Variables; 2. Change in Stock Price during the Subprime Crisis; 3. Alternative Measure of Financial Dependence"]
[{"$nulls":4},"4. Does Liquidity Constraint Explain Changes in Stock Prices During September 10-28, 2001?5. Placebo Tests: Stock Price Changes Before the Subprime Crises; 6. Adding Exposures to Exchange Rate and Commodity Price Movement; Figures; 1. The Log of Stock Index during Subprime Crisis; 2. News Count of \"Subprime\" and \"Crisis\"; 3. Consensus Forecast of U.S. Real GDP Growth; 4. Consumer Confidence around Sept. 11th and Subprime Crisis; 5. TED (Euro-dollar bond over Treasury Bond) spread around September 11th and Subprime Crisis; 6. Cumulative Stock Returns Since August 2007"]
[{"$nulls":4},"7. Key Regression Coefficients from Successively Expanding Samples"]
[null,null,null,"Sommario/riassunto","We develop a methodology to study how the subprime crisis spills over to the real economy. Does it manifest itself primarily through reducing consumer demand or through tightening liquidity constraint on non-financial firms? Since most non-financial firms have much larger cash holding than before, they appear unlikely to face significant liquidity constraint. We propose a methodology to estimate these two channels of spillovers. We first propose an index of a firm's sensitivity to consumer demand, based on its response to the 9/11 shock in 2001. We then construct a separate firm-level index on financial constraint based on Whited and Wu (2006). We find that both channels are at work, but a tightened liquidity squeeze is economically more important than a reduced consumer spending in explaining cross firm differences in stock price declines."]