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Corporate Debt Structure and the Financial Crisis
Authors:FIORELLA DE FIORE  HARALD UHLIG
Abstract: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.
Keywords:C68  E32  E44  G23  corporate debt  financial crisis  risk shocks  firms’   heterogeneity
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