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
Published: [Washington, D.C.] : International Monetary Fund, ©2013.
Series:IMF working paper ; WP/13/36.
Online Access:CONNECT
Table of Contents:
  • 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.