G2TT
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
URLhttps://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.
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