کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
9555014 | 1376298 | 2005 | 18 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Corporate debt and output pricing in developing countries
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
The present study is an application of capital structure theory to developing economies where markets are commonly imperfect. The industry-level data of Turkey is used as a benchmark case to investigate the effects of corporate debt on output pricing, which in return, might have critical implications for stabilization theory. The panel estimations on the major two-digit industries reveal two basic findings. First, short-term debt leads to an increase in output prices while long-term debt has the opposite effect, and short-term but not long-term debt has a cyclical influence on prices. Second, the inflationary effect short-term debt implies a lower capital gain and induces higher prices, while the effect long-term debt implies a higher capital gain and induces lower prices. Given the predominant share of short-term debt in most developing countries, these findings suggest an explanation for inflation inertia on the side of corporate sector.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Development Economics - Volume 76, Issue 2, April 2005, Pages 503-520
Journal: Journal of Development Economics - Volume 76, Issue 2, April 2005, Pages 503-520
نویسندگان
Turan Erol,