Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/154192 
Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
ECB Working Paper No. 1759
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
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.
Schlagwörter: 
corporate debt
financial crisis
firms heterogeneity
risk shocks
JEL: 
E32
E44
C68
G23
ISBN: 
978-92-899-1499-4
Dokumentart: 
Working Paper

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