| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22377 |
| 来源ID | Working Paper 22377 |
| Bond Finance, Bank Credit, and Aggregate Fluctuations in an Open Economy | |
| Roberto Chang; Andrés Fernández; Adam Gulan | |
| 发表日期 | 2016-07-04 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Corporate sectors in emerging markets have noticeably increased their reliance on foreign financing, presumably reflecting low global interest rates. The evidence also shows a rebalancing from bank loans towards bonds. To study these developments, we develop a dynamic open economy model where these modes of finance are determined endogenously. The model replicates the stylized facts following a drop in world interest rates; in particular, rebalancing towards bonds occurs because bank credit becomes relatively more expensive, reflecting the scarcity of bank equity. More generally, the model is suitable for studying interactions between modes of finance and the macroeconomy. |
| 主题 | International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w22377 |
| 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/580050 |
| 推荐引用方式 GB/T 7714 | Roberto Chang,Andrés Fernández,Adam Gulan. Bond Finance, Bank Credit, and Aggregate Fluctuations in an Open Economy. 2016. |
| 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 | ||
| w22377.pdf（768KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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