G2TT
来源类型Discussion paper
规范类型论文
来源IDDP5314
DP5314 The Industrial Organization of Financial Market Information Production
William J Wilhelm Jr; Zhaohui Chen
发表日期2005-10-18
出版年2005
语种英语
摘要We present a dynamic general equilibrium model with agency costs, where heterogeneous firms choose between two alternative instruments of external finance - corporate bonds and bank loans. We characterize the financing choice of firms and the endogenous financial structure of the economy. The calibrated model is used to address questions such as: What explains differences in the financial structure of the US and the euro area? What are the implications of these differences for allocations? We find that a higher share of bank finance in the euro area relative to the US is due to lower availability of public information about firms' credit worthiness and to higher efficiency of banks in acquiring this information. We also quantify the effect of differences in the financial structure on per-capita GDP.
主题Financial Economics ; International Macroeconomics
关键词Financial structure Agency costs Heterogeneity
URLhttps://cepr.org/publications/dp5314
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/534131
推荐引用方式
GB/T 7714
William J Wilhelm Jr,Zhaohui Chen. DP5314 The Industrial Organization of Financial Market Information Production. 2005.
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