| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16979 |
| 来源ID | Working Paper 16979 |
| Bank Finance Versus Bond Finance | |
| Fiorella De Fiore; Harald Uhlig | |
| 发表日期 | 2011-04-21 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | We present a dynamic general equilibrium model with agency costs where: i) firms are heterogeneous in the risk of default; ii) they can choose to raise finance through bank loans or corporate bonds; and iii) banks are more efficient than the market in resolving informational problems. The model is used to analyze some major long-run differences in corporate finance between the US and the euro area. We suggest an explanation of those differences based on information availability. Our model replicates the data when the euro area is characterized by limited availability of public information about corporate credit risk relative to the US, and when european firms value more than US firms the flexibility and information acquisition role provided by banks. |
| 主题 | Microeconomics ; Mathematical Tools ; Macroeconomics ; Consumption and Investment ; Money and Interest Rates |
| URL | https://www.nber.org/papers/w16979 |
| 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/574653 |
| 推荐引用方式 GB/T 7714 | Fiorella De Fiore,Harald Uhlig. Bank Finance Versus Bond Finance. 2011. |
| 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 | ||
| w16979.pdf（358KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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