Why Do Bank-Dependent Firms Bear Interest-Rate Risk? / / Divya Kirti
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| Autore: |
Kirti Divya
|
| Titolo: |
Why Do Bank-Dependent Firms Bear Interest-Rate Risk? / / Divya Kirti
|
| Pubblicazione: | Washington, D.C. : , : International Monetary Fund, , 2017 |
| Descrizione fisica: | 1 online resource (57 pages) : illustrations, tables, graphs |
| Disciplina: | 332.10681 |
| Soggetto topico: | Interest rate risk |
| Corporations - Finance | |
| Banks and Banking | |
| Investments: General | |
| Money and Monetary Policy | |
| Industries: Financial Services | |
| Banks | |
| Depository Institutions | |
| Micro Finance Institutions | |
| Mortgages | |
| Financing Policy | |
| Financial Risk and Risk Management | |
| Capital and Ownership Structure | |
| Value of Firms | |
| Goodwill | |
| Financial Markets and the Macroeconomy | |
| Monetary Policy, Central Banking, and the Supply of Money and Credit: General | |
| General Financial Markets: General (includes Measurement and Data) | |
| Interest Rates: Determination, Term Structure, and Effects | |
| Banking | |
| Finance | |
| Monetary economics | |
| Investment & securities | |
| Financial services law & regulation | |
| Loans | |
| Bank credit | |
| Securities | |
| Short term interest rates | |
| Financial institutions | |
| Money | |
| Financial services | |
| Hedging | |
| Financial regulation and supervision | |
| Banks and banking | |
| Credit | |
| Financial instruments | |
| Interest rates | |
| Financial risk management | |
| Soggetto geografico: | United States |
| Nota di bibliografia: | Includes bibliographical references. |
| Sommario/riassunto: | I document that floating-rate loans from banks (particularly important for bank-dependent firms) drive most variation in firms' exposure to interest rates. I argue that banks lend to firms at floating rates because they themselves have floating-rate liabilities, supporting this with three key findings. Banks with more floating-rate liabilities, first, make more floating-rate loans, second, hold more floating-rate securities, and third, quote lower prices for floating-rate loans. My results establish an important link between intermediaries' funding structure and the types of contracts used by non-financial firms. They also highlight a role for banks in the balance-sheet channel of monetary policy. |
| Titolo autorizzato: | Why do bank-dependent firms bear interest-rate risk |
| ISBN: | 1-4755-6977-7 |
| Formato: | Materiale a stampa  |
| Livello bibliografico | Monografia |
| Lingua di pubblicazione: | Inglese |
| Record Nr.: | 9910162943703321 |
| Lo trovi qui: | Univ. Federico II |
| Opac: | Controlla la disponibilità qui |
Serie:
IMF Working Papers; Working Paper ; ; No. 2017/003