Fiscal consolidation and the cost of credit : evidence from syndicated loans /

"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, domesti...

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Bibliographic Details
Main Authors: Ağca, Şenay (Author), Igan, Deniz (Author)
Format: eBook
Language:English
Published: [Washington, D.C.] : International Monetary Fund, ©2013.
Series:IMF working paper ; WP/13/36.
Subjects:
Online Access:CONNECT
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245 1 0 |a Fiscal consolidation and the cost of credit :  |b evidence from syndicated loans /  |c Senay Agca and Deniz Igan. 
260 |a [Washington, D.C.] :  |b International Monetary Fund,  |c ©2013. 
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500 |a Title from PDF title page (IMF Web site, viewed Feb 5, 2013). 
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500 |a "February 2013"--Page 2 of pdf. 
520 |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. 
504 |a Includes bibliographical references (pages 24-27). 
505 0 |a Cover; Contents; I. Introduction; II. Background on the Potential Channels of Transmission; III. Data and Methodology; A. Data; Fiscal Consolidation Measure; Loan and Firm Characteristics; Country Characteristics; B. Methodology; IV. Empirical Findings; A. Descriptive Statistics; B. Baseline Regressions; C. Firm and Loan Characteristics; D. Country Conditions; E. Composition of Fiscal Consolidation Packages; F. Alternative Specifications and Robustness; V. Conclusions; References. 
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