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