Fiscal consolidation and the cost of credit: evidence from syndicated loans
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.]
International Monetary Fund
c2013
|
| Schriftenreihe: | IMF working paper
WP/13/36 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Beschreibung: | Title from PDF title page (IMF Web site, viewed Feb 5, 2013). - "Research Department"--p. 2 of pdf. - "February 2013"--p. 2 of pdf "We examine how the cost of corporate credit varies around fiscal consolidations aimed at reducing government debt. Using a new dataset on fiscal consolidations and syndicated corporate loan data, we find that loan spreads increase with fiscal consolidations, especially for small firms, domestic firms, and for firms with limited alternative financing sources. These adverse effects are mitigated substantially if consolidations are large, and can be avoided if consolidations are also accompanied with more adaptable macroeconomic policies and implemented by a stable government. These findings suggest that lenders price the short-term recessionary effects in loans but large consolidations can reduce or undo the increase in spreads, especially under favorable country conditions, by signaling credibility and creating expansionary expectations"--Abstract Includes bibliographical references (p. 24-27) |
| Beschreibung: | 1 Online-Ressource (44 p.) |
| ISBN: | 9781475573695 1475573693 |
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| 500 | |a "We examine how the cost of corporate credit varies around fiscal consolidations aimed at reducing government debt. Using a new dataset on fiscal consolidations and syndicated corporate loan data, we find that loan spreads increase with fiscal consolidations, especially for small firms, domestic firms, and for firms with limited alternative financing sources. These adverse effects are mitigated substantially if consolidations are large, and can be avoided if consolidations are also accompanied with more adaptable macroeconomic policies and implemented by a stable government. These findings suggest that lenders price the short-term recessionary effects in loans but large consolidations can reduce or undo the increase in spreads, especially under favorable country conditions, by signaling credibility and creating expansionary expectations"--Abstract | ||
| 500 | |a Includes bibliographical references (p. 24-27) | ||
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| author_variant | ş a şa |
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| dewey-ones | 336 - Public finance |
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| dewey-search | 336.3435 |
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| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
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| id | DE-604.BV042964787 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-10T07:13:55Z |
| institution | BVB |
| isbn | 9781475573695 1475573693 |
| language | English |
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| publishDate | 2013 |
| publishDateSearch | 2013 |
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| publisher | International Monetary Fund |
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| spelling | Ağca, Şenay Verfasser aut Fiscal consolidation and the cost of credit evidence from syndicated loans Senay Agca and Deniz Igan [Washington, D.C.] International Monetary Fund c2013 1 Online-Ressource (44 p.) txt rdacontent c rdamedia cr rdacarrier IMF working paper WP/13/36 Title from PDF title page (IMF Web site, viewed Feb 5, 2013). - "Research Department"--p. 2 of pdf. - "February 2013"--p. 2 of pdf "We examine how the cost of corporate credit varies around fiscal consolidations aimed at reducing government debt. Using a new dataset on fiscal consolidations and syndicated corporate loan data, we find that loan spreads increase with fiscal consolidations, especially for small firms, domestic firms, and for firms with limited alternative financing sources. These adverse effects are mitigated substantially if consolidations are large, and can be avoided if consolidations are also accompanied with more adaptable macroeconomic policies and implemented by a stable government. These findings suggest that lenders price the short-term recessionary effects in loans but large consolidations can reduce or undo the increase in spreads, especially under favorable country conditions, by signaling credibility and creating expansionary expectations"--Abstract Includes bibliographical references (p. 24-27) BUSINESS & ECONOMICS / Public Finance bisacsh Debts, External fast Syndicated loans fast Statistik Wirtschaft Debts, External Debts, External Statistics Syndicated loans Igan, Deniz Sonstige oth International Monetary Fund Research Department Sonstige oth http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&AN=548053 Aggregator Volltext |
| spellingShingle | Ağca, Şenay Fiscal consolidation and the cost of credit evidence from syndicated loans BUSINESS & ECONOMICS / Public Finance bisacsh Debts, External fast Syndicated loans fast Statistik Wirtschaft Debts, External Debts, External Statistics Syndicated loans |
| title | Fiscal consolidation and the cost of credit evidence from syndicated loans |
| title_auth | Fiscal consolidation and the cost of credit evidence from syndicated loans |
| title_exact_search | Fiscal consolidation and the cost of credit evidence from syndicated loans |
| title_full | Fiscal consolidation and the cost of credit evidence from syndicated loans Senay Agca and Deniz Igan |
| title_fullStr | Fiscal consolidation and the cost of credit evidence from syndicated loans Senay Agca and Deniz Igan |
| title_full_unstemmed | Fiscal consolidation and the cost of credit evidence from syndicated loans Senay Agca and Deniz Igan |
| title_short | Fiscal consolidation and the cost of credit |
| title_sort | fiscal consolidation and the cost of credit evidence from syndicated loans |
| title_sub | evidence from syndicated loans |
| topic | BUSINESS & ECONOMICS / Public Finance bisacsh Debts, External fast Syndicated loans fast Statistik Wirtschaft Debts, External Debts, External Statistics Syndicated loans |
| topic_facet | BUSINESS & ECONOMICS / Public Finance Debts, External Syndicated loans Statistik Wirtschaft Debts, External Statistics |
| url | http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&AN=548053 |
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