| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w3654
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| 来源ID | Working Paper 3654
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| Debt Concentration and Secondary Markets Prices: A Theoretical and Empirical Analysis |
| Raquel Fernandez; Sule Ozler
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| 发表日期 | 1991-03-01
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| 出版年 | 1991
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| 语种 | 英语
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| 摘要 | In the context of a model that distinguishes between large money center banks and smaller regional banks, we show that the percentage of a country's debt held by the large banks affects the secondary market price of that country's debt: the higher the concentration of the debt, the higher the secondary market price. We also show that the free trade of debt in the secondary market does not necessarily imply that the entire stock of debt will eventually be owned by the large banks. Our empirical analysis incorporates a number of potential determinants of secondary market prices. Among these are variables that are associated with a country's economic performance, variables that can be associated with the regulatory structure in the creditor's country, and the concentration of debt in the hands of the largest US banks. Our empirical findings indicate that concentration indeed has a positive effect on secondary market prices. |
| 主题 | International Economics
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| URL | https://www.nber.org/papers/w3654
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/560961
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推荐引用方式
GB/T 7714 |
Raquel Fernandez,Sule Ozler. Debt Concentration and Secondary Markets Prices: A Theoretical and Empirical Analysis. 1991.
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文件名：
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w3654.pdf
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格式：
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Adobe PDF
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