[宏观经济学研讨会]Real Effects of Financial Distress: The Role of Heterogeneity


【主讲】王兆瑞 中国人民大学经济学院
【主题】Real Effects of Financial Distress: The Role of Heterogeneity(Francisco Buera & Sudipto Karmakar, Social Science Electronic Publishing, 2018)
【摘要】What are the heterogeneous effects of financial shocks on firms’ behavior? This paper evaluates and answers this question from both an empirical and a theoretical perspective. Using micro data from Portugal during the sovereign debt crisis, starting in 2010, we document that highly leveraged firms and firms that had a larger share of short-term debt on their balance sheets contracted more in the aftermath of a financial shock. We use a standard model to analyze the conditions under which leverage and debt maturity determine the sensitivity of firms’ investment decisions to financial shocks. We show that the presence of long-term investment projects and frictions to the issuance of long-term debt are needed for the model to rationalize the empirical findings. We conclude that the differential responses of firms to a financial shock do not provide unambiguous information to identify these shocks. Rather, we argue that this information should be use to test for the relevance of important model assumptions.

【主持】陈彦斌 教授
    人大宏观经济学研讨会(Macro Workshop)旨在追踪宏观经济学国际最新进展,倡导构建符合国情的动态优化模型,并使用计算机模拟研究经济增长、收入分配和宏观政策等中国宏观经济重大问题。

联系人:王兆瑞    Email:Macro_Workshop@163.com

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