| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21559 |
| 来源ID | Working Paper 21559 |
| Towards a History of the Junk Bond Market, 1910-1955 | |
| Peter F. Basile; Sung Won Kang; John Landon-Lane; Hugh Rockoff | |
| 发表日期 | 2015-09-21 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We present a new monthly index of the yield on junk (high yield) bonds from 1910-1955. We then use the index to reexamine some of the main debates about the financial history of the interwar years. A close look at junk bond yields: (1) strengthens the view that the decline in lending standards in the late 1920s was modest at best: (2) casts doubt on the view that the banking crisis that began in 1930 disrupted financial markets because banks liquidated their holdings of risky bonds; (3) strengthens the view that the cost of capital rose substantially in the early 1930s and remained high for the rest of the decade; (4) casts doubt on the view that financial markets entered a liquidity trap in the second half of the 1930s; and (5) strengthens the case for believing that junk bond yields contain some information useful for making economic forecasts. |
| 主题 | History ; Macroeconomic History |
| URL | https://www.nber.org/papers/w21559 |
| 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/579234 |
| 推荐引用方式 GB/T 7714 | Peter F. Basile,Sung Won Kang,John Landon-Lane,et al. Towards a History of the Junk Bond Market, 1910-1955. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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