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economies between 2010 and 2017. Since 2010, firms have started to rely more on corporate bond markets and have used part of …
Persistent link: https://www.econbiz.de/10012252676
This paper explores whether public investment crowds out or crowds in private investment. To this aim, we build a database of about half a million firms from 49 countries. We find that the effect of public investment on corporate investment depends both on leverage and financial constraints....
Persistent link: https://www.econbiz.de/10012391930
bond issuers relative to other firms, but no difference for green loan and sustainability-linked loan borrowers. Green bond …
Persistent link: https://www.econbiz.de/10012605577
We analyze the long-run impact of emerging-market sovereign bond yields on corporate bond yields, finding that the … bonds are more liquid. It is also greater for corporate bonds with lower ratings, shorter maturities, and for those issued …
Persistent link: https://www.econbiz.de/10012612337
's need to issue bonds for external financing ('the supply side' of bond issuance), while others appear to correlate more … fundamentals and/or external variables-have contributed to the surge in external bond issuance by these LICs, which we refer to in … our paper as 'frontier economies'. Using data on public and publicly guaranteed (PPG) external bond issuance, outstanding …
Persistent link: https://www.econbiz.de/10012613401
sovereign safe assets and German government bonds adjusted for sovereign credit risk, liquidity and swap market frictions. A … higher premium suggests less substitutability of sovereign bonds. We document a rise in the 'Bund premium' in the post …-crisis period. We show that there is a negative relationship of the premium with the relative supply of German sovereign bonds …
Persistent link: https://www.econbiz.de/10012154614
sovereign bonds during 32 crises since 1998, taking into account losses from bond exchanges as well as profits before and after …Sovereign debt restructurings are perceived as inflicting large losses to bondholders. However, many bonds feature high … significantly lower than the return on bonds in crises without restructuring. Returns differ considerably depending on the …
Persistent link: https://www.econbiz.de/10012102075
the Mundell-Fleming model to include both bonds and non-bonds. at a given policy rate, inflows may decrease the rate on … non-bonds, reducing the cost of financial intermediation, potentially offsetting the contractionary impact of appreciation …
Persistent link: https://www.econbiz.de/10012418076
An analysis of mutual-fund-level flow data into EM bond and equity markets confirms that different types of funds … behave differently. Bond funds are more sensitive to global factors and engage more in return chasing than equity funds …
Persistent link: https://www.econbiz.de/10011445594
A number of industrialized countries have recently offered inflation-indexed bonds. Some members of another group of … use of inflation-indexed bonds, and relates these to the experiences of various issuers. The paper also considers some … important design features of indexed bonds …
Persistent link: https://www.econbiz.de/10014403310