全球智库信息集成服务系统(G2TT): The Resilience of the U.S. Corporate Bond Market During Financial Crises

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w28868
来源ID	Working Paper 28868
	The Resilience of the U.S. Corporate Bond Market During Financial Crises
	Bo Becker; Efraim Benmelech
发表日期	2021-05-31
出版年	2021
语种	英语
摘要	Corporate bond markets proved remarkably resilient against a sharp contraction caused by the 2020 Covid-19 pandemic. We document three important findings: (1) bond issuance increased immediately when the contraction hit, whereas, in contrast, syndicated loan issuance was low; (2) Federal Reserve interventions increased bond issuance, while loan issuance also increased, but to a lesser degree; and (3) bond issuance was concentrated in the investment-grade segment for large and profitable issuers. We compare these results to previous crises and recessions and document similar patterns. We conclude that the U.S. bond market is an important and resilient source of funding for corporations.
主题	Macroeconomics ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; Financial Institutions ; COVID-19
URL	https://www.nber.org/papers/w28868
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/586542
推荐引用方式 GB/T 7714	Bo Becker,Efraim Benmelech. The Resilience of the U.S. Corporate Bond Market During Financial Crises. 2021.