| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10891 |
| DP10891 Ripple effects from industry defaults | |
| Christian Wolff; Dennis Bams; Magdalena Pisa | |
| 发表日期 | 2015-10-18 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | This paper studies early default risk spillovers to small businesses. This study shows that default rates among small businesses are significantly higher following default on S&P rated debt in their or their customers' industries. Using a new data set on S&P rated debt default, small business default, production process linkages and industry characteristics, we find evidence of negative wealth effects transmitted to small businesses along the production process. Also, such ripple effects are mitigated in loan portfolios that are concentrated into large and highly interconnected industries. We observe that a large number of firms in an industry serves to cushion default risk transmission. This is much like how the broad economic connections other the benefits of diversification. |
| 主题 | Financial Economics |
| 关键词 | Default risk transmission Default clustering Market structure Supply chain |
| URL | https://cepr.org/publications/dp10891 |
| 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/539721 |
| 推荐引用方式 GB/T 7714 | Christian Wolff,Dennis Bams,Magdalena Pisa. DP10891 Ripple effects from industry defaults. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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