Fiscal Consolidation and the Cost of Credit

This book PDF is perfect for those who love Business & Economics genre, written by Ms.Senay Agca and published by International Monetary Fund which was released on 01 February 2013 with total hardcover pages 44. You could read this book directly on your devices with pdf, epub and kindle format, check detail and related Fiscal Consolidation and the Cost of Credit books below.

Fiscal Consolidation and the Cost of Credit
Fiscal Consolidation and the Cost of Credit
Author : Ms.Senay Agca
File Size : 49,8 Mb
Publisher : International Monetary Fund
Language : English
Release Date : 01 February 2013
ISBN : 9781475564440
Pages : 44 pages
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Fiscal Consolidation and the Cost of Credit by Ms.Senay Agca Book PDF Summary

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.

Fiscal Consolidation and the Cost of Credit

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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

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