| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23179 |
| 来源ID | Working Paper 23179 |
| Funding Liquidity without Banks: Evidence from a Shock to the Cost of Very Short-Term Debt | |
| Felipe Restrepo; Lina Cardona Sosa; Philip E. Strahan | |
| 发表日期 | 2017-02-20 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | In 2011, Colombia instituted a tax on repayment of bank loans, thereby increasing the cost of short-term bank credit more than long-term credit. Firms responded by cutting their short-term loans for liquidity management purposes and increasing their use of cash and trade credit. In industries where trade credit is more accessible (based on U.S. Compustat firms), we find substitution into accounts payable and little effect on cash and investment. Where trade credit is less available, firms increase cash and cut investment. Thus, trade credit offers a substitute source of liquidity that can insulate some firms from bank liquidity shocks. |
| 主题 | Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w23179 |
| 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/580852 |
| 推荐引用方式 GB/T 7714 | Felipe Restrepo,Lina Cardona Sosa,Philip E. Strahan. Funding Liquidity without Banks: Evidence from a Shock to the Cost of Very Short-Term Debt. 2017. |
| 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 | ||
| w23179.pdf（579KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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