کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
959472 | 929291 | 2014 | 14 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Macroeconomic effects of corporate default crisis: A long-term perspective
ترجمه فارسی عنوان
اثرات اقتصاد کلان بحران پیش فرض شرکت: چشم انداز دراز مدت
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
حسابداری
چکیده انگلیسی
Using an extensive data set on corporate bond defaults in the US from 1866 to 2010, we study the macroeconomic effects of bond market crises and contrast them with those resulting from banking crises. During the past 150 years, the US has experienced many severe corporate default crises in which 20–50% of all corporate bonds defaulted. Although the total par amount of corporate bonds has at times rivaled the amount of bank loans outstanding, we find that corporate default crises have far fewer real effects than do banking crises. These results provide empirical support for current theories that emphasize the unique role that banks and the credit and collateral channels play in amplifying macroeconomic shocks.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 111, Issue 2, February 2014, Pages 297–310
Journal: Journal of Financial Economics - Volume 111, Issue 2, February 2014, Pages 297–310
نویسندگان
Kay Giesecke, Francis A. Longstaff, Stephen Schaefer, Ilya A. Strebulaev,