{"id":"https://openalex.org/W4321102404","doi":"https://doi.org/10.1111/jmcb.13029","title":"Endogenous Cycles in Collateralized Credit","display_name":"Endogenous Cycles in Collateralized Credit","publication_year":2023,"publication_date":"2023-02-15","ids":{"openalex":"https://openalex.org/W4321102404","doi":"https://doi.org/10.1111/jmcb.13029"},"language":"en","primary_location":{"id":"doi:10.1111/jmcb.13029","doi":"https://doi.org/10.1111/jmcb.13029","is_oa":true,"landing_page_url":"https://doi.org/10.1111/jmcb.13029","pdf_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/jmcb.13029","source":{"id":"https://openalex.org/S2058785","display_name":"Journal of money credit and banking","issn_l":"0022-2879","issn":["0022-2879","1538-4616"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1","jufo-2","norway-2","poland-140","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Money, Credit and Banking","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"bronze","oa_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/jmcb.13029","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5076065334","display_name":"Vyacheslav Arbuzov","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I163245316","display_name":"Corvinus University of Budapest","ror":"https://ror.org/01vxfm326","country_code":"HU","type":"education","lineage":["https://openalex.org/I163245316"]}],"countries":["HU"],"is_corresponding":false,"raw_author_name":"VYACHESLAV ARBUZOV","raw_affiliation_strings":["Institute of Economics , Corvinus University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Institute of Economics , Corvinus University","institution_ids":["https://openalex.org/I163245316"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5082183388","display_name":"Yu Awaya","orcid":"https://orcid.org/0000-0002-7813-9542","observed_orcids":["https://orcid.org/0000-0002-7813-9542"]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"YU AWAYA","raw_affiliation_strings":["[email protected]"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"[email protected]","institution_ids":[]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5029311285","display_name":"Hiroki Fukai","orcid":"https://orcid.org/0000-0002-7709-1196","observed_orcids":["https://orcid.org/0000-0002-7709-1196"]},"institutions":[{"id":"https://openalex.org/I5388228","display_name":"University of Rochester","ror":"https://ror.org/022kthw22","country_code":"US","type":"education","lineage":["https://openalex.org/I5388228"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"HIROKI FUKAI","raw_affiliation_strings":["Department of Economics , University of Rochester"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Economics , University of Rochester","institution_ids":["https://openalex.org/I5388228"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5027332354","display_name":"Makoto Watanabe","orcid":"https://orcid.org/0000-0002-3656-4081","observed_orcids":["https://orcid.org/0000-0002-3656-4081"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"MAKOTO WATANABE","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5082183388"],"corresponding_institution_ids":[],"apc_list":{"value":3450,"currency":"USD","value_usd":3450},"apc_paid":null,"fwci":0.1738,"has_fulltext":true,"cited_by_count":1,"citation_normalized_percentile":{"value":0.50719213,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":89,"max":93},"biblio":{"volume":"56","issue":"2-3","first_page":"627","last_page":"646"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.9336000084877014,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.9336000084877014,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.05510000139474869,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.004399999976158142,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/endogenous-business-cycles","display_name":"endogenous business cycles","score":0.7129999995231628},{"id":"https://openalex.org/keywords/limited-commitment","display_name":"limited commitment","score":0.9079999923706055},{"id":"https://openalex.org/keywords/collateral-value","display_name":"collateral value","score":0.8050000071525574},{"id":"https://openalex.org/keywords/credit-cycles","display_name":"credit cycles","score":0.3919999897480011},{"id":"https://openalex.org/keywords/equilibrium-model","display_name":"equilibrium model","score":0.675000011920929}],"concepts":[{"id":"https://openalex.org/C86537402","wikidata":"https://www.wikidata.org/wiki/Q1108930","display_name":"Collateralized debt obligation","level":3,"score":0.9535764455795288},{"id":"https://openalex.org/C2777910564","wikidata":"https://www.wikidata.org/wiki/Q694563","display_name":"Collateral","level":2,"score":0.8673253059387207},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6114603281021118},{"id":"https://openalex.org/C16613235","wikidata":"https://www.wikidata.org/wiki/Q285982","display_name":"Endogeny","level":2,"score":0.4715682864189148},{"id":"https://openalex.org/C178350159","wikidata":"https://www.wikidata.org/wiki/Q162714","display_name":"Credit risk","level":2,"score":0.41810840368270874},{"id":"https://openalex.org/C2780586882","wikidata":"https://www.wikidata.org/wiki/Q7520643","display_name":"Simple (philosophy)","level":2,"score":0.4179030656814575},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.3614917993545532},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.2081156075000763},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.114869624376297},{"id":"https://openalex.org/C126322002","wikidata":"https://www.wikidata.org/wiki/Q11180","display_name":"Internal medicine","level":1,"score":0.07436370849609375},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0},{"id":"https://openalex.org/C71924100","wikidata":"https://www.wikidata.org/wiki/Q11190","display_name":"Medicine","level":0,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1111/jmcb.13029","doi":"https://doi.org/10.1111/jmcb.13029","is_oa":true,"landing_page_url":"https://doi.org/10.1111/jmcb.13029","pdf_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/jmcb.13029","source":{"id":"https://openalex.org/S2058785","display_name":"Journal of money credit and banking","issn_l":"0022-2879","issn":["0022-2879","1538-4616"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1","jufo-2","norway-2","poland-140","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Money, Credit and Banking","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.1111/jmcb.13029","doi":"https://doi.org/10.1111/jmcb.13029","is_oa":true,"landing_page_url":"https://doi.org/10.1111/jmcb.13029","pdf_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/jmcb.13029","source":{"id":"https://openalex.org/S2058785","display_name":"Journal of money credit and banking","issn_l":"0022-2879","issn":["0022-2879","1538-4616"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1","jufo-2","norway-2","poland-140","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Money, Credit and Banking","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[{"id":"https://openalex.org/G3581239762","display_name":"Investigations of occurrence of financial crises and suggestions for their prevention","funder_award_id":"19K13648","funder_id":"https://openalex.org/F4320334764","funder_display_name":"Japan Society for the Promotion of Science"},{"id":"https://openalex.org/G4176029206","display_name":"Digitalization and Macro Prudence Policy","funder_award_id":"23H00054","funder_id":"https://openalex.org/F4320334764","funder_display_name":"Japan Society for the Promotion of Science"},{"id":"https://openalex.org/G5275875627","display_name":"Collaborative Research: Communication, Cartels and Collusion","funder_award_id":"1626783","funder_id":"https://openalex.org/F4320306076","funder_display_name":"National Science Foundation"}],"funders":[{"id":"https://openalex.org/F4320306076","display_name":"National Science Foundation","ror":"https://ror.org/021nxhr62"},{"id":"https://openalex.org/F4320323132","display_name":"Japan Center for Economic Research","ror":"https://ror.org/03p5wj904"},{"id":"https://openalex.org/F4320334764","display_name":"Japan Society for the Promotion of Science","ror":"https://ror.org/00hhkn466"}],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4321102404.pdf","grobid_xml":"https://content.openalex.org/works/W4321102404.grobid-xml"},"referenced_works_count":20,"referenced_works":["https://openalex.org/W1600404153","https://openalex.org/W2017080995","https://openalex.org/W2057746942","https://openalex.org/W2132499788","https://openalex.org/W2142166121","https://openalex.org/W2149266321","https://openalex.org/W2172099567","https://openalex.org/W2550996585","https://openalex.org/W2555656805","https://openalex.org/W2764122680","https://openalex.org/W2946604667","https://openalex.org/W3121195147","https://openalex.org/W3121904413","https://openalex.org/W3125000257","https://openalex.org/W3126615436","https://openalex.org/W3148326476","https://openalex.org/W4236584637","https://openalex.org/W4238874844","https://openalex.org/W4239883234","https://openalex.org/W4249091151"],"related_works":["https://openalex.org/W3122156002","https://openalex.org/W7100983040","https://openalex.org/W2374566348","https://openalex.org/W2100624483","https://openalex.org/W3126615436","https://openalex.org/W4410978280","https://openalex.org/W4381163474","https://openalex.org/W2162695720","https://openalex.org/W2241077561","https://openalex.org/W3124420830"],"abstract_inverted_index":{"Abstract":[0],"This":[1],"paper":[2],"presents":[3],"a":[4],"simple":[5],"and":[6,51],"tractable":[7],"equilibrium":[8],"model,":[9],"where":[10],"collateralized":[11],"credit":[12,29,39],"emerges":[13],"under":[14],"limited":[15],"commitment.":[16],"We":[17],"show":[18],"that":[19],"even":[20],"if":[21],"there":[22],"is":[23],"no":[24],"time":[25],"variation":[26],"in":[27,46],"fundamentals,":[28],"trade":[30,47],"can":[31],"fluctuate":[32],"endogenously":[33],"over":[34],"time.":[35],"In":[36],"our":[37],"theory,":[38],"fragilities":[40],"are":[41],"associated":[42],"with":[43],"endogenous":[44],"fluctuations":[45],"probabilities,":[48],"collateral":[49],"values,":[50],"lending":[52],"volumes.":[53]},"counts_by_year":[{"year":2025,"cited_by_count":1}],"updated_date":"2026-08-28T12:50:07.497085","created_date":"2023-02-17T00:00:00"}