Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/146498 
Erscheinungsjahr: 
2016
Schriftenreihe/Nr.: 
IDB Working Paper Series No. IDB-WP-720
Verlag: 
Inter-American Development Bank (IDB), Washington, DC
Zusammenfassung: 
Corporate sectors in emerging markets have noticeably increased their reliance on foreign financing, presumably reflecting low global interest rates. The evidence also shows a rebalancing from bank loans towards bonds. To study these developments, this paper develops a dynamic open economy model where these modes of finance are determined endogenously. The model replicates the stylized facts following a drop in world interest rates; in particular, rebalancing towards bonds occurs because bank credit becomes relatively more expensive, reflecting the scarcity of bank equity. More generally, the model is suitable for studying interactions between modes of finance and the macroeconomy
Schlagwörter: 
Emerging markets
Corporate debt
Bonds
Bank credit
JEL: 
E32
E44
F41
G31
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Dokumentart: 
Working Paper

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