| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28635 |
| 来源ID | Working Paper 28635 |
| Dispersion in Financing Costs and Development | |
| Tiago V. Cavalcanti; Joseph P. Kaboski; Bruno S. Martins; Cezar Santos | |
| 发表日期 | 2021-04-05 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Most aggregate theories of financial frictions model credit available at a single cost of financing but rationed. However, using a comprehensive firm-level credit registry, we document both high levels and high dispersion in credit spreads to Brazilian firms. We develop a quantitative dynamic general equilibrium model in which dispersion in spreads arises from intermediation costs and market power. Calibrating to the Brazilian data, we show that, for equivalent levels of external financing, dispersion has more profound impacts on aggregate development than single-price credit rationing and yields firm dynamics that are more consistent with observed patterns. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Development and Growth ; Development |
| URL | https://www.nber.org/papers/w28635 |
| 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/586308 |
| 推荐引用方式 GB/T 7714 | Tiago V. Cavalcanti,Joseph P. Kaboski,Bruno S. Martins,et al. Dispersion in Financing Costs and Development. 2021. |
| 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 | ||
| w28635.pdf（403KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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。
