| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9303 |
| DP9303 Like Father like Sons? The Cost of Sovereign Defaults In Reduced Credit to the Private Sector | |
| Rui Ferreira da Costa Esteves; Joao Tovar Jalles | |
| 发表日期 | 2013-01-27 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | This paper investigates the impact of sovereign defaults on the ability of the corporate sector in emerging nations to finance itself abroad. The hypothesis here is that defaults have a negative spillover effect on the private sector through credit rationing. We explore a novel dataset covering the vast majority of corporates and municipals in emerging nations that received foreign capital between 1880 and 1913. The detailed nature of the data allows us to explore variation between countries and economic sectors. The results confirm that rationing existed, was very large, and persisted long beyond the solution of the original default problem. Therefore, the private sector in emerging countries paid a severe reputational cost for the debt intolerance of their governments, with possible implications for the growth prospects of these nations. |
| 主题 | Economic History |
| 关键词 | Credit rationing Foreign investment Pre-1914 Sovereign default |
| URL | https://cepr.org/publications/dp9303 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538139 |
| 推荐引用方式 GB/T 7714 | Rui Ferreira da Costa Esteves,Joao Tovar Jalles. DP9303 Like Father like Sons? The Cost of Sovereign Defaults In Reduced Credit to the Private Sector. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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