scholarly journals Benefits from Lending Relationships in Public Debt Markets: Empirical Evidence from the Commercial Paper Market

2012 ◽  
Author(s):  
David W. Blackwell ◽  
Vladimir Kotomin ◽  
Drew B. Winters
Keyword(s):  
Empirical Evidence ◽  
Public Debt ◽  
Lending Relationships ◽  
Debt Markets ◽  
Commercial Paper

scholarly journals Lending Relationships and the Effect of Bank Distress: Evidence from the 2007–2009 Financial Crisis

2015 ◽  
Vol 50 (6) ◽  
pp. 1165-1197 ◽  
Author(s):  
Daniel Carvalho ◽  
Miguel A. Ferreira ◽  
Pedro Matos
Keyword(s):  
Financial Crisis ◽  
Information Asymmetry ◽  
Public Debt ◽  
Financial Crises ◽  
Equity Valuation ◽  
Lending Relationships ◽  
Debt Markets ◽  
Nonfinancial Firms

AbstractWe study the transmission of bank distress to nonfinancial firms from 34 countries during the 2007–2009 financial crisis using systemic and bank-specific shocks. We find that bank distress is associated with equity valuation losses and investment cuts to borrower firms with the strongest lending relationships with banks. The losses are not offset by borrowers’ access to public debt markets and are concentrated in firms with the greatest information asymmetry problems and weakest financial positions. Our findings suggest that public debt markets do not mitigate the effects of relationship bank distress during financial crises.

Politics, Direct Investment, Public Debt Markets, and the Shadow Economy

2019 ◽  
pp. 683-696
Author(s):  
Friedrich Schneider
Keyword(s):  
Informal Sector ◽  
Political Institutions ◽  
Public Debt ◽  
Sovereign Debt ◽  
Direct Investment ◽  
Shadow Economy ◽  
Debt Crisis ◽  
Policy Implications ◽  
Debt Markets

The chapter first considers the role of politics on the size of the shadow economy and how it is affected by political institutions. Second, it investigates the role of the informal sector on direct investment and public debt markets in the “official” economy. The informal sector has significant adverse effects on credit ratings, lending costs, and investment decisions. This has policy implications, especially in the context of the ongoing sovereign debt crisis, since it suggests that, if politics succeed in reducing the informal sector of financially challenged countries, this is likely to reduce credit risk concerns, cutting down lending costs, and stimulating investment.

scholarly journals Granger-causality in peripheral EMU public debt markets: A dynamic approach

2013 ◽  
Vol 37 (11) ◽  
pp. 4627-4649 ◽  
Author(s):  
Marta Gómez-Puig ◽  
Simón Sosvilla-Rivero
Keyword(s):  
Granger Causality ◽  
Public Debt ◽  
Dynamic Approach ◽  
Debt Markets
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