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Like father like sons? The cost of sovereign defaults in reduced credit to the private sector

Abstract:

We investigate the impact of sovereign defaults on the ability of the corporate sector in emerging nations to finance itself abroad. We test the hypothesis that sovereign defaults have a negative spillover onto the private sector through credit rationing. We explore a novel data set covering the majority of corporates in emerging nations that received foreign capital between 1880 and 1913. Results confirm that credit rationing existed, was very large, and persisted long beyond the default set...

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Publication status:
Published
Peer review status:
Peer reviewed

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Publisher copy:
10.1111/jmcb.12341

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Institution:
University of Oxford
Division:
SSD
Department:
Economics
Role:
Author
Publisher:
Wiley
Journal:
Journal of Money, Credit and Banking More from this journal
Volume:
48
Issue:
7
Pages:
1515-1545
Publication date:
2016-09-15
Acceptance date:
2015-09-03
DOI:
ISSN:
1538-4616
Language:
English
Keywords:
Pubs id:
pubs:571974
UUID:
uuid:094c7ccd-9503-4a83-bfa3-8b7c5a0cc416
Local pid:
pubs:571974
Source identifiers:
571974
Deposit date:
2015-11-03

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