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来源类型Working Paper
规范类型报告
DOI10.3386/w17854
来源IDWorking 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
URLhttps://www.nber.org/papers/w17854
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/575529
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Kay Giesecke,Francis A. Longstaff,Stephen Schaefer,et al. Macroeconomic Effects of Corporate Default Crises: A Long-Term Perspective. 2012.
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