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.

中文翻译：

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关于抵押约束摩擦在 2008-2009 年金融危机南北传导中的作用

本文评估了流行的基于抵押品约束的传导机制在 2008-2009 年金融危机的南北传导中的作用。从理论上讲，在存在抵押品约束的情况下，大型债权国的负面冲击导致的资产价格下跌会在较小的债务国产生反馈循环，其中借贷能力的下降与投资和产出的崩溃相互促进。我发现虽然该机制具有吸引人的定性特征并且与数据一致，但模型的定量结果只能占实际产出下降的很小一部分。