Fiscal consolidation and the cost of credit evidence from syndicated loans /
"We examine how the cost of corporate credit varies around fiscal consolidations aimed at reducing government debt. Using a new dataset on fiscal consolidations and syndicated corporate loan data, we find that loan spreads increase with fiscal consolidations, especially for small firms, domesti...
| Основни автори: | Agca, Sʹenay, (Author), Igan, Deniz, (Author) |
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| Формат: | Електронен |
| Език: | English |
| Публикувано: |
[Washington, D.C.] :
International Monetary Fund,
℗♭2013.
|
| Серия: |
IMF working paper ;
WP/13/36. |
| Предмети: | |
| Онлайн достъп: |
http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=548053 |
| Резюме: |
"We examine how the cost of corporate credit varies around fiscal consolidations aimed at reducing government debt. Using a new dataset on fiscal consolidations and syndicated corporate loan data, we find that loan spreads increase with fiscal consolidations, especially for small firms, domestic firms, and for firms with limited alternative financing sources. These adverse effects are mitigated substantially if consolidations are large, and can be avoided if consolidations are also accompanied with more adaptable macroeconomic policies and implemented by a stable government. These findings suggest that lenders price the short-term recessionary effects in loans but large consolidations can reduce or undo the increase in spreads, especially under favorable country conditions, by signaling credibility and creating expansionary expectations"--Abstract. |
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| Описание на библ. документ: |
Title from PDF title page (IMF Web site, viewed Feb 5, 2013). "Research Department"--Page 2 of pdf. "February 2013"--Page 2 of pdf. |
| Физически характеристики: |
1 online resource (44 pages). |
| Библиография: |
Includes bibliographical references (pages 24-27). |
| ISBN: |
9781475573695 1475573693 |