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BORROWING CAPACITY, FINANCIAL INSTABILITY, AND CONTAGION

机译：借贷能力，财务不稳定和传染

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We use the case of the 2007 United States subprime mortgage crisis to investigate the impact of borrowing capacity limitations on financial instability and contagion. We divide an economy into agents that interact via flow of funds and express the financial instability level of each agent as a function of time derivatives of its wealth, cash inflows, and borrowing capacity. We show that among these factors, the borrowing capacity, which is determined by other economic constraints, has the largest impact on financial instability. It is suggested that borrowing capacity limitations could even cause contagion through feedback loop formed by flow of funds. We use historical time series of the integrated macroeconomic accounts of the United Stated from 1960 to 2017 to verify our conjecture by quantifying the financial instability levels of the agents under different levels of borrowing capacity and how they affect one another during the period of the subprime mortgage crisis. Finally, the constraints of data collecting practice outside the United States in assessing borrowing capacity is addressed, accompanied by partial, yet compatible, results of selected Eurozone countries.
机译：我们使用2007年美国次级抵押贷款危机的案例来调查借贷能力限制对金融不稳定和蔓延的影响。我们将经济划分为通过资金流互动的代理商，并表达每个代理人的财务不稳定水平，作为其财富，现金流入和借贷能力的时间衍生物的函数。我们表明，在这些因素中，由其他经济限制决定的借贷能力对金融不稳定的影响最大。建议借贷能力限制甚至可能通过资金流量形成的反馈环路引起传染。我们使用1960年至2017年联合综合宏观经济账户的历史时间系列，通过量化不同借款能力水平的金融不稳定水平以及在次级抵押期间如何互相影响危机。最后，在美国评估借贷能力之外的数据收集实践的制约因素得到解决，伴随着所选欧元区国家的部分但兼容的结果。

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