On the Role of the Collateral Constraint Friction in the North–South Transmission of the 2008–2009 Financial Crisis
评估了抵押约束传导机制在2008-2009年金融危机从北方债权国向南方债务国传导中的作用，发现该机制虽在定性上符合数据，但定量上只能解释实际产出下降的很小一部分。
Abstract This paper assesses the role of a popular collateral constraint–based transmission mechanism in the North–South transmission of the 2008–2009 financial crisis. Theoretically, in the presence of collateral constraints, depressed asset prices caused by a negative shock in a large creditor country generate feedback cycles in a smaller debtor country, in which the decline in borrowing capacity and the collapses of investment and output reinforce each other. I find that although the mechanism has appealing qualitative features and is consistent with the data, quantitative results from the model can only account for a very small part of the actual output declines.