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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP5314 |
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 |
URL | https://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. |
条目包含的文件 | 条目无相关文件。 |
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