| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17854 |
| 来源ID | Working Paper 17854 |
| Macroeconomic Effects of Corporate Default Crises: A Long-Term Perspective | |
| Kay Giesecke; Francis A. Longstaff; Stephen Schaefer; Ilya Strebulaev | |
| 发表日期 | 2012-02-16 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | Using an extensive new data set on corporate bond defaults in the U.S. from 1866 to 2010, we study the macroeconomic effects of bond market crises and contrast them with those resulting from banking crises. During the past 150 years, the U.S. has experienced many severe corporate default crises in which 20 to 50 percent of all corporate bonds defaulted. Although the total par amount of corporate bonds has often rivaled the amount of bank loans outstanding, we find that corporate default crises have far fewer real effects than do banking crises. These results provide empirical support for current theories that emphasize the unique role that banks and the credit and collateral channels play in amplifying macroeconomic shocks. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Financial Economics ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w17854 |
| 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/575529 |
| 推荐引用方式 GB/T 7714 | Kay Giesecke,Francis A. Longstaff,Stephen Schaefer,et al. Macroeconomic Effects of Corporate Default Crises: A Long-Term Perspective. 2012. |
| 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 | ||
| w17854.pdf（157KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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