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来源类型 | ENEPRI Working Papers |
规范类型 | 论文 |
Agency Costs and Investment Behaviour | |
Viktor Dorofeenko; Gabriel S. Lee; Kevin D. Salyer | |
发表日期 | 2007-02-03 |
出版年 | 2007 |
语种 | 英语 |
摘要 | How do differences in the credit channel affect investment behaviour in the U.S. and the Euro area? To analyze this question, we calibrate an agency cost model of business cycles. We focus on two key components of the lending channel, the default premium associated with bank loans and bankruptcy rates, to identify the differences in the U.S. and European financial sectors. Our results indicate that the differences in financial structures affect quantitatively the cyclical behaviour in the two areas: the magnitude of the credit channel effects is amplified by the differences in the financial structures. We further demonstrate that the effects of minor differences in the credit market translate into large, persistent and asymmetric fluctuations in price of capital, bankruptcy rate and risk premium. The effects imply that the Euro Area's supply elasticities for capital are less elastic than the U.S. |
主题 | Economy and Finance |
URL | https://www.ceps.eu/publications/agency-costs-and-investment-behaviour |
来源智库 | Centre for European Policy Studies (Belgium) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/62976 |
推荐引用方式 GB/T 7714 | Viktor Dorofeenko,Gabriel S. Lee,Kevin D. Salyer. Agency Costs and Investment Behaviour. 2007. |
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 | ||
1450.pdf(506KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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