| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15930 |
| DP15930 Dispersion in Financing Costs and Development | |
| Tiago Cavalcanti; Joseph Kaboski; Bruno Martins; Cezar Santos | |
| 发表日期 | 2021-03-16 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Most aggregate theories of financial frictions model credit available at a single cost of financing but rationed. However, using a comprehensive firm-level credit registry, we document both high levels and high dispersion in credit spreads to Brazilian firms. We develop a quantitative dynamic general equilibrium model in which dispersion in spreads arise from intermediation costs and market power. Calibrating to the Brazilian data, we show that, for equivalent levels of external financing, dispersion has more profound impacts on aggregate development than single-price credit rationing and yields firm dynamics that are more consistent with observed patterns. |
| 主题 | Macroeconomics and Growth |
| URL | https://cepr.org/publications/dp15930 |
| 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/544921 |
| 推荐引用方式 GB/T 7714 | Tiago Cavalcanti,Joseph Kaboski,Bruno Martins,et al. DP15930 Dispersion in Financing Costs and Development. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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