| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5743 |
| DP5743 Expectations and Exchange Rate Policy | |
| Charles Engel; Michael B Devereux | |
| 发表日期 | 2006-07-05 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | This paper presents a simple model capturing differences between debt and equity finance to examine how financial structure matters for macroeconomic volatility. Debt finance is relatively cheap in the sense that debt holders need to verify relatively few profitability states, but debt finance may lead to costly bankruptcy. At the aggregate level, a more debt-based financial structure leads to a higher bankruptcy rate. Therefore, aggregate output is more variable in case of a heavy reliance on debt finance. This paper provides empirical evidence that countries with more equity finance have a lower variance of GDP and a lower probability of episodes of negative economic growth. |
| 主题 | International Macroeconomics |
| 关键词 | Financial structure Macroeconomic volatility Bankruptcy costs |
| URL | https://cepr.org/publications/dp5743 |
| 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/534586 |
| 推荐引用方式 GB/T 7714 | Charles Engel,Michael B Devereux. DP5743 Expectations and Exchange Rate Policy. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
