文章基本信息

标题：Bank finance versus bond finance: what explains the differences between US and Europe?
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作者：Fiorella De Fiore ; Harald Uhlig
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2005
出版社：European Central Bank
摘要：We present a dynamic general equilibrium model with agency costs, where heterogeneous rms choose among two alternative instruments of external nance - corporate bonds and bank loans. We characterize the nancing choice of rms and the endogenous nancial structure of the economy. The calibrated model is used to address questions such as: What explains di¤erences in the nancial structure of the US and the euro area? What are the implications of these di¤erences for allocations? We nd that a higher share of bank nance in the euro area relative to the US is due to lower availability of public information about rmscredit worthiness and to higher e¢ ciency of banks in acquiring this information. We also quantify the e¤ect of di¤erences in the nancial structure on per-capita GDP.
关键词：Financial structure; agency costs; heterogeneity