Do Banks Affect The Level And Composition of Industrial Volatility ?  

Oleh:

Larrain, Borja

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 61 no. 4 (Agu. 2006), page 1897-1926.
Topik: BANKS; studies; volatility; correlation analysis; commercial credit; international; borrowing; corporate finance
Fulltext: p 1897.pdf (212.03KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

In theory, better access to bank credit can reduce or increase output volatility depending on whether firms are more financially constrained during contractions or expansions. This paper finds that the volatility of industrial output is lower in countries with more bank credit. Most of the reduction in volatility is idiosyncratic, which follows from the ability of banks to pool and diversity shocks. Systematic volatility is reduced less strongly. Volatility dampening is achieved via countercyclical borrowing. At the firm level, short - term borrowing is less (or more negatively) correlated with sales and inventories in countries with high levels of bank credit.

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