Arbeitspapier
Corporate Debt Structure and the Financial Crisis
We present a DSGE model where firms optimally choose among alternative instruments of external finance. The model is used to explain the evolving composition of corporate debt during the financial crisis of 2008-09, namely the observed shift from bank finance to bond finance, at a time when the cost of market debt rose above the cost of bank loans. We show that the flexibility offered by banks on the terms of their loans and firms’ ability to substitute among alternative instruments of debt finance are important to shield the economy from adverse real effects of a financial crisis.
- ISBN
-
978-92-899-1499-4
- Sprache
-
Englisch
- Erschienen in
-
Series: ECB Working Paper ; No. 1759
- Klassifikation
-
Wirtschaft
Business Fluctuations; Cycles
Financial Markets and the Macroeconomy
Computable General Equilibrium Models
Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors
- Thema
-
corporate debt
financial crisis
firms heterogeneity
risk shocks
Unternehmensfinanzierung
Fremdkapital
Kredit
Unternehmensanleihe
Finanzkrise
Bankenkrise
DSGE-Modell
Theorie
Welt
- Ereignis
-
Geistige Schöpfung
- (wer)
-
De Fiore, Fiorella
Uhlig, Harald
- Ereignis
-
Veröffentlichung
- (wer)
-
European Central Bank (ECB)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2015
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- De Fiore, Fiorella
- Uhlig, Harald
- European Central Bank (ECB)
Entstanden
- 2015
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