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Finance and Economics Discussion Series: Misallocation and Financial Market Frictions: Some Direct Evidence from the Dispersion in Borrowing Costs by Simon Gilchrist, United States Federal Reserve Board - Paperback
58.80 درهم

Finance and Economics Discussion Series: Misallocation and Financial Market Frictions: Some Direct Evidence from the Dispersion in Borrowing Costs by Simon Gilchrist, United States Federal Reserve Board - Paperback

كن أول من يقيِّم هذا المنتج 

58.80 درهم 

  - ستوفر -58.80 درهم
الأسعار تشمل ضريبة القيمة المضافة  التفاصيل
رقم ال ISBN
9781288697885
الفئات
سياسة
الكاتب
Simon Gilchrist, United States Federal Reserve Board
الناشر
Bibliogov
الوصف:

Financial market frictions distort the allocation of resources among productive units-all else equal, firms whose financing choices are affected by financial frictions face higher borrowing costs than firms with ready access to capital markets. As a result, input choices may differ systematically across firms in ways that are unrelated to their productive efficiency. We propose a simple ...

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حالة السلعة:
جديدة
البائع:
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معلومات المنتج

  •  

    المواصفات

    رقم ال ISBN
    9781288697885
    الفئات
    سياسة
    الرقم المميز للسلعة
    2724354385917
    المؤلفين
    الكاتب
    Simon Gilchrist, United States Federal Reserve Board
    المؤلفين
    الناشر
    Bibliogov
    رقم ال ISBN
    9781288697885
    الفئات
    سياسة
    الرقم المميز للسلعة
    2724354385917
    المؤلفين
    الكاتب
    Simon Gilchrist, United States Federal Reserve Board
    المؤلفين
    الناشر
    Bibliogov
    معلومات تقنية
    غلاف الكتاب
    غلاف عادي
    اللغات والبلدان
    لغة الكتاب
    الانجليزية
    إقرأ المزيد
  •  

    الوصف:

    Financial market frictions distort the allocation of resources among productive units-all else equal, firms whose financing choices are affected by financial frictions face higher borrowing costs than firms with ready access to capital markets. As a result, input choices may differ systematically

    Financial market frictions distort the allocation of resources among productive units-all else equal, firms whose financing choices are affected by financial frictions face higher borrowing costs than firms with ready access to capital markets. As a result, input choices may differ systematically across firms in ways that are unrelated to their productive efficiency. We propose a simple accounting framework that allows us to assess the empirical magnitude of the loss in aggregate resources due to such misallocation. To a second-order approximation, our accounting framework requires only information on the dispersion in borrowing costs across firms. We measure firm-specific borrowing costs for a subset of U.S. manufacturing firms directly from the interest rate spreads on their outstanding publicly-traded debt. Given the observed variation in borrowing costs, our approximation method implies a relatively modest loss in efficiency due to resource misallocation-on the order of 1 to 2 percent of measured total factor productivity (TFP). According to our accounting framework, the correlation between firm size and borrowing costs is irrelevant under the assumption that financial distortions and firm-level efficiency are jointly log-normally distributed. To take into account the effect of covariation between firm size and borrowing costs, we also consider a more general framework that dispenses with the assumption of log-normality and which yields somewhat higher estimates of the resource losses-about 3.5 percent of measured TFP. Counterfactual experiments indicate that dispersion in borrowing costs must be an order of magnitude higher than that observed in the U.S. financial data, in order for misallocation-arising from financial distortion-to account for a significant fraction of measured TFP differentials across countries.

    خصائص المنتج:
    • الفئات: سياسة
    • غلاف الكتاب: غلاف عادي
    • لغة الكتاب: الانجليزية
    • الكاتب: Simon Gilchrist, United States Federal Reserve Board
    • الناشر: Bibliogov
    • رقم ال ISBN: 9781288697885
    • عدد الصفحات: 24
    • لأبعاد (الارتفاع*العرض*العمق): 9.69 x 7.44 x 0.05 inches
 

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