| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20730 |
| 来源ID | Working Paper 20730 |
| Corporate Debt Structure and the Financial Crisis | |
| Fiorella De Fiore; Harald Uhlig | |
| 发表日期 | 2014-12-08 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We present a DSGE model where firms optimally choose among alternative instruments of external finance. The model is used to explain the evolving composition of corporate debt during the financial crisis of 2008-09, namely the observed shift from bank finance to bond finance, at a time when the cost of market debt rose above the cost of bank loans. We show that the flexibility offered by banks on the terms of their loans and firm's ability to substitute among alternative instruments of debt finance are important to shield the economy from adverse real effects of a financial crisis. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w20730 |
| 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/578405 |
| 推荐引用方式 GB/T 7714 | Fiorella De Fiore,Harald Uhlig. Corporate Debt Structure and the Financial Crisis. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
