文章基本信息

标题：An empirical analysis of the external finance premium of public non-financial corporations in Brazil
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作者：Fernando N. de Oliveira ; Alberto Ronchi Neto
期刊名称：Revista Brasileira de Economia
印刷版ISSN：0034-7140
出版年度：2012
卷号：66
期号：3
页码：323-360
语种：English
出版社：Escola de Pós-Graduação em Economia da FGV
摘要：Our objective in this paper is to analyze empirically the relationship between the external finance premium of non-financial corporations in Brazil with their default probability and with their demand for inventories. As for the former relation, we find that corporations that have greater external finance premium have greater probability of default. As for the latter, we find that the external finance premium is positive and statistically significantly correlated. The results confirm previous results of the literature that indicate that the balance sheet channel of monetary policy is relevant in Brazil.
其他摘要：Our objective in this paper is to analyze empirically the relationship between the external finance premium of non-financial corporations in Brazil with their default probability and with their demand for inventories. As for the former relation, we find that corporations that have greater external finance premium have greater probability of default. As for the latter, we find that the external finance premium is positive and statistically significantly correlated. The results confirm previous results of the literature that indicate that the balance sheet channel of monetary policy is relevant in Brazil.
关键词：Monetary Transmission Mechanism;Credit Channel;Balance Sheet Channel.;Monetary Transmission Mechanism; Credit Channel; Balance Sheet Channel External Finance Premium.
其他关键词：Monetary Transmission Mechanism; Credit Channel; Balance Sheet Channel.