00000nam 2200000zi 4500 9.867985 CaOODSP 20221107162448 m o d f cr cn||||||||| 190205t20192019onca ob f000 0 eng d CaOODSP eng rda CaOODSP eng fre FB3-5/2019-5E-PDF Zivanovic, Jelena, author. Corporate debt composition and business cycles / by Jelena Zivanovic. Ottawa, Ontario, Canada : Bank of Canada = Banque du Canada, 2019. ©2019 1 online resource (ii, 34 pages) : colour illustrations. text txt rdacontent computer c rdamedia online resource cr rdacarrier Bank of Canada staff working paper, 1701-9397 ; 2019-5 "January 2019." Includes bibliographical references (pages 27-29). "Based on empirical evidence, I propose a dynamic stochastic general equilibrium model with two financial sectors to analyze the role of corporate debt composition (bank versus bond financing) in the transmission of economic shocks. It is shown that in the presence of monetary and financial shocks, cyclical changes in corporate debt composition significantly attenuate the effects on investment and output. An additional result of the theoretical model is that a bank-dependent economy is more affected by financial shocks, which is in line with empirical results by Gambetti and Musso (2016), who report stronger real effects of loan supply shocks in Europe (with an excessive reliance on bank debt) than in the US"--Abstract, page ii. Includes abstract in French. gccst Corporations gccst Debt Bank of Canada. Staff working paper (Bank of Canada) 1701-9397 ; 2019-5. (CaOODSP)9.806221 PDF 1.65 MB https://publications.gc.ca/collections/collection_2019/banque-bank-canada/FB3-5-2019-5-eng.pdf