Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/212360 
Erscheinungsjahr: 
2016
Schriftenreihe/Nr.: 
Bank of Finland Research Discussion Papers No. 22/2016
Verlag: 
Bank of Finland, Helsinki
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, we develop 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.
JEL: 
E32
E44
F41
G31
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-952-323-120-7
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe





Publikationen in EconStor sind urheberrechtlich geschützt.