Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/297300 
Erscheinungsjahr: 
2023
Schriftenreihe/Nr.: 
ECB Working Paper No. 2860
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
We study the heterogeneous impact of jointly identified monetary policy and global risk shocks on corporate funding costs. We disentangle these two shocks in a structural Bayesian Vector Autoregression framework and investigate their respective effects on funding costs of heterogeneous firms using micro-data for the US. We tease out mechanisms underlying the effects by contrasting financial frictions arising from traditional asset-based collateral constraints with the recent earnings-based borrowing constraint hypothesis, differentiating firms across leverage and earnings. Our empirical evidence strongly supports the earnings-based borrowing constraint hypothesis. We find that global risk shocks have stronger and more heterogeneous effects on corporate funding costs which depend on firms' position within the earnings distribution.
Schlagwörter: 
corporate spreads
earnings-based borrowing constraint
heterogeneous firms
monetary policy shocks
global risk shocks
JEL: 
G12
E43
E52
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-6225-4
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
5.53 MB





Publikationen in EconStor sind urheberrechtlich geschützt.