全球智库信息集成服务系统(G2TT): DP10108 Real Effects of the Sovereign Debt Crisis in Europe: Evidence from Syndicated Loans

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP10108
	DP10108 Real Effects of the Sovereign Debt Crisis in Europe: Evidence from Syndicated Loans
	Viral Acharya; Christian Hirsch; Tim Eisert; Christian Eufinger
发表日期	2014-08-10
出版年	2014
语种	英语
摘要	In this paper, we explore the impact of the European Sovereign Debt Crisis and the resulting credit crunch on the corporate policies of firms. Existing theory suggests that sovereign crises can affect the real economy in complex ways based on the nature of the interaction between bank and sovereign health. We show that banks' exposures to impaired sovereign debt and risk-shifting behavior of undercapitalized banks are of first-order importance for explaining the negative real effects suffered by European firms, while moral suasion by governments to buy more domestic sovereign debt does not seem to have played a major role. In particular, we present firm-level evidence showing that the lending contraction at banks affected by the crisis depresses the investment, job creation, and sales growth of firms with significant business relationships to these banks. These firms increase their precautionary motives to save cash out of free cash flows and rely more on cash holdings than bank lines of credit for their liquidity management during the crisis, a typical behavior of financially constrained firms. Our estimates suggest that the credit crunch explains between one fifth and one half of the overall negative real effects in the sample.
主题	Financial Economics
关键词	European sovereign debt crisis Financing constraints Real effects Credit contraction
URL	https://cepr.org/publications/dp10108
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/538941
推荐引用方式 GB/T 7714	Viral Acharya,Christian Hirsch,Tim Eisert,et al. DP10108 Real Effects of the Sovereign Debt Crisis in Europe: Evidence from Syndicated Loans. 2014.