| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15454 |
| 来源ID | Working Paper 15454 |
| A Theory of Banks, Bonds, and the Distribution of Firm Size | |
| Katheryn N. Russ; Diego Valderrama | |
| 发表日期 | 2009-10-22 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | We draw on stylized facts from the finance literature to build a model where altering the relative costs of bank and bond financing changes the entire distribution of firm size, with implications for the aggregate capital stock, output, and welfare. Reducing transactions costs in the bond market increases the output and profits of mid-sized firms at the expense of both the largest and smallest firms. In contrast, reducing the frictions involved in bank lending promotes the expansion of the smallest firms while all other firms shrink, even as it increases the profitability of both small and mid-size firms. Although both policies increase aggregate output and welfare, they have opposite effects on the extensive margin of production---promoting bond issuance causes exit while cheaper bank credit induces entry. When reducing transactions costs in one market, the resulting increase in output and welfare are largest when transactions costs in the other market are very high. |
| 主题 | Macroeconomics ; Macroeconomic Models ; International Economics ; International Macroeconomics ; Financial Economics ; Corporate Finance ; Industrial Organization ; Market Structure and Firm Performance |
| URL | https://www.nber.org/papers/w15454 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/573130 |
| 推荐引用方式 GB/T 7714 | Katheryn N. Russ,Diego Valderrama. A Theory of Banks, Bonds, and the Distribution of Firm Size. 2009. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w15454.pdf（680KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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