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150128 ||| eng |
| 020 |
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|a 9781475564440
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| 100 |
1 |
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|a Agca, Senay
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| 245 |
0 |
0 |
|a Fiscal Consolidation and the Cost of Credit
|b Evidence from Syndicated Loans
|c Senay Agca, Deniz Igan
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2013
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| 300 |
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|a 44 pages
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| 651 |
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4 |
|a Italy
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| 653 |
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|a Loans
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| 653 |
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|a Monetary Policy, Central Banking, and the Supply of Money and Credit: General
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| 653 |
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|a Fiscal policy
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| 653 |
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|a National Budget, Deficit, and Debt: General
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| 653 |
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|a Fiscal consolidation
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| 653 |
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|a Mortgages
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| 653 |
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|a Industries: Financial Services
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| 653 |
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|a Value of Firms
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| 653 |
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|a Financing Policy
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| 653 |
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|a Public debt
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| 653 |
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|a Syndicated loans
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| 653 |
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|a Debt Management
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Money and Monetary Policy
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| 653 |
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|a Micro Finance Institutions
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| 653 |
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|a Depository Institutions
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| 653 |
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|a Fiscal Policy
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| 653 |
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|a Capital and Ownership Structure
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| 653 |
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|a Financial Risk and Risk Management
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| 653 |
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|a Goodwill
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| 653 |
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|a Debts, Public
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| 653 |
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|a Banks
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| 653 |
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|a Sovereign Debt
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| 653 |
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|a Finance
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| 653 |
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|a Financial institutions
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| 653 |
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|a Debt
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| 653 |
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|a Money
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| 653 |
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|a Credit
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| 653 |
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|a Public Finance
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| 653 |
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|a Fiscal Policies and Behavior of Economic Agents: Firm
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| 653 |
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|a Monetary economics
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| 653 |
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|a Public finance & taxation
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| 700 |
1 |
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|a Igan, Deniz
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781475564440.001
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| 856 |
4 |
0 |
|u https://elibrary.imf.org/view/journals/001/2013/036/001.2013.issue-036-en.xml?cid=40292-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
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|a 330
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| 520 |
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|a We examine how the cost of corporate credit varies around fiscal consolidations aimed at reducing government debt. Using a new dataset on fiscal consolidations and syndicated corporate loan data, we find that loan spreads increase with fiscal consolidations, especially for small firms, domestic firms, and for firms with limited alternative financing sources. These adverse effects are mitigated substantially if consolidations are large, and can be avoided if consolidations are also accompanied with more adaptable macroeconomic policies and implemented by a stable government. These findings suggest that lenders price the short-term recessionary effects in loans but large consolidations can reduce or undo the increase in spreads, especially under favorable country conditions, by signaling credibility and creating expansionary expectations
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