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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| Main Authors: | , |
|---|---|
| Format: | eBook |
| Language: | English |
| Published: |
[Washington, D.C.] :
International Monetary Fund,
©2013.
|
| Series: | IMF working paper ;
WP/13/36. |
| Subjects: | |
| Online Access: | CONNECT 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.
