Arbeitspapier
Bond finance, bank credit, and aggregate fluctuations in an open economy
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.
- Sprache
-
Englisch
- ISBN
-
978-952-323-120-7
- Erschienen in
-
Series: Bank of Finland Research Discussion Papers ; No. 22/2016
- Klassifikation
-
Wirtschaft
Business Fluctuations; Cycles
Financial Markets and the Macroeconomy
Open Economy Macroeconomics
Capital Budgeting; Fixed Investment and Inventory Studies; Capacity
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Chang, Roberto
Fernández, Andrés
Gulan, Adam
- Ereignis
-
Veröffentlichung
- (wer)
-
Bank of Finland
- (wo)
-
Helsinki
- (wann)
-
2016
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Chang, Roberto
- Fernández, Andrés
- Gulan, Adam
- Bank of Finland
Entstanden
- 2016
Ähnliche Objekte (12)
Bankruptcies and aggregate economic fluctuations
Aggregate versus industry-specific sources of economic growth and business cycle fluctuations
Firm growth: Adjustment and fluctuations
Assessing U.S. aggregate fluctuations across time and frequencies
Price rigidities and the granular origins of aggregate fluctuations
Monetary policy for smoothing real fluctuations? Assessing Finnish monetary autonomy
Financial market disturbances as sources of business cycle fluctuations in Finland
Aggregate investment and corporate indebtedness , Some empirical avidence from Finland
Dynamics of investment behaviour in Finland: Aggregate and firm level evidence
Model-based regulation and firms' access to finance
The Interest rate elasticity of aggregate consumption: a time varying parameter approach
Banks' equity stakes in borrowing firms: A corporate finance approach
Bankruptcies and aggregate economic fluctuations
Aggregate versus industry-specific sources of economic growth and business cycle fluctuations
Firm growth: Adjustment and fluctuations
Assessing U.S. aggregate fluctuations across time and frequencies
Price rigidities and the granular origins of aggregate fluctuations
Monetary policy for smoothing real fluctuations? Assessing Finnish monetary autonomy
Financial market disturbances as sources of business cycle fluctuations in Finland
Aggregate investment and corporate indebtedness , Some empirical avidence from Finland
Dynamics of investment behaviour in Finland: Aggregate and firm level evidence
Model-based regulation and firms' access to finance
The Interest rate elasticity of aggregate consumption: a time varying parameter approach
Banks' equity stakes in borrowing firms: A corporate finance approach
Bankruptcies and aggregate economic fluctuations
Aggregate versus industry-specific sources of economic growth and business cycle fluctuations
Firm growth: Adjustment and fluctuations
Assessing U.S. aggregate fluctuations across time and frequencies
Price rigidities and the granular origins of aggregate fluctuations
Monetary policy for smoothing real fluctuations? Assessing Finnish monetary autonomy
Financial market disturbances as sources of business cycle fluctuations in Finland
Aggregate investment and corporate indebtedness , Some empirical avidence from Finland
Dynamics of investment behaviour in Finland: Aggregate and firm level evidence
Model-based regulation and firms' access to finance
The Interest rate elasticity of aggregate consumption: a time varying parameter approach