English, Article, Journal or magazine article edition: Bank Finance versus Bond Finance: What Explains the Differences Between US and Europe? Harald Uhlig; Fiorella De Fiore

User activity

Share to:
 
Bookmark: http://trove.nla.gov.au/version/56964
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Bank Finance versus Bond Finance: What Explains the Differences Between US and Europe?
Author
  • Harald Uhlig
  • Fiorella De Fiore
Physical Description
  • preprint
Notes
  • We present a dynamic general equilibrium model with agency costs, where heterogeneous firms choose among two alternative instruments of external finance - corporate bonds and bank loans. We characterize the financing choice of firms and the endogenous financial 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 differences for allocations? We find that a higher share of bank finance in the euro area relative to the US is due to lower availability of public information about firms'credit worthiness and to higher efficiency of banks in acquiring this information. We also quantify the effect of differences in the financial structure on per-capita GDP.
  • RePEc:ecb:ecbwps:20050547
  • RePEc:hum:wpaper:sfb649dp2005-042
  • Financial structure, agency costs, heterogeneity
  • RePEc:red:sed005:618
Language
  • English
Contributed by
OAIster

Get this edition

  • Set up My libraries

    How do I set up "My libraries"?

    In order to set up a list of libraries that you have access to, you must first login or sign up. Then set up a personal list of libraries from your profile page by clicking on your user name at the top right of any screen.

  • All (1)
  • Unknown (1)
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.

User activity


e.g. test cricket, Perth (WA), "Parkes, Henry"

Separate different tags with a comma. To include a comma in your tag, surround the tag with double quotes.

Be the first to add a tag for this edition

Be the first to add this to a list

Comments and reviews

What are comments? Add a comment

No user comments or reviews for this version

Add a comment