Detail BANK FINANCE VERSUS BOND FINANCE: WHAT EXPLAINS THE DIFFERENCES BETWEEN US AND EUROPE? (Working Paper Series no. 547, November 2005) Bibliografi Author: Fiore, Fiorella De ; Uhlig, Harald Topik: Financial structure; agency costs; heterogeneity Bahasa: (EN )    Edisi: November 2005     Tahun Terbit: 2005     Jenis: Research Report Fulltext: ecbwp547.pdf (833.7KB; 0 download) [Informasi yang berkaitan dengan koleksi ini di internet] Abstract We present a dynamic general equilibrium model with agency costs, where heterogeneous fi?rms choose among two alternative instruments of external ?finance - corporate bonds and bank loans. We characterize the ?financing choice of fi?rms and the endogenous fi?nancial structure of the economy. The calibrated model is used to address questions such as: What explains differences in the ?financial structure of the US and the euro area? What are the implications of these diferences for allocations? We fi?nd that a higher share of bank fi?nance in the euro area relative to the US is due to lower availability of public information about ?firm's credit worthiness and to higher efficiency of banks in acquiring this information. We also quantify the effect of differences in the fi?nancial structure on per-capita GDP. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Lihat Sejarah Pengadaan  Konversi Metadata   Kembali

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