| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23310 |
| 来源ID | Working Paper 23310 |
| Government Debt and Corporate Leverage: International Evidence | |
| Irem Demirci; Jennifer Huang; Clemens Sialm | |
| 发表日期 | 2017-04-10 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We investigate the impact of government debt on corporate financing decisions. We document a negative relation between government debt and corporate leverage using data on 40 countries between 1990 and 2014. This negative relation holds only for government debt that is financed domestically and is stronger for larger and more profitable firms and in countries with more developed equity markets. In order to address potential endogeneity concerns, we use an instrumental variable approach based on military spending and a quasi-natural experiment based on the introduction of the Euro currency. Our findings suggest that government debt crowds out corporate debt. |
| 主题 | International Economics ; International Factor Mobility ; International Finance ; Globalization and International Relations ; Financial Economics ; Financial Institutions ; Corporate Finance ; Public Economics ; National Fiscal Issues |
| URL | https://www.nber.org/papers/w23310 |
| 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/580984 |
| 推荐引用方式 GB/T 7714 | Irem Demirci,Jennifer Huang,Clemens Sialm. Government Debt and Corporate Leverage: International Evidence. 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 | ||
| w23310.pdf（603KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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