Why Do Bank-Dependent Firms Bear Interest-Rate Risk? /

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 f...

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Detalles Bibliográficos
Autor Principal: Kirti, Divya
Formato: Revista
Idioma:English
Publicado: Washington, D.C. : International Monetary Fund, 2017.
Series:IMF Working Papers; Working Paper ; No. 2017/003
Acceso en liña:Full text available on IMF