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:2016
出版社:European Central Bank
摘要:In this paper, we investigate the economy-wide effects of the collateral channel byexploiting: (i) a legal reform in Sweden in 2004 that reduced collateral values, and (ii)a dataset that covers all incorporated firms in Sweden over the period 2000-2006. Wefind that the loss in collateral value reduces both the amount and the maturity of firmdebt and leads firms to contract investment, employment, and assets. The legal reformmay distort investment and asset allocation decisions, as firms that reduce theirholdings of assets with low collaterizable value and firms that hold more liquid assetsconsequently become less productive and innovative. Our results therefore documentthe potency of a collateral channel outside of a crisis.