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716 records from EconBiz based on author Name
1. Crisis credit, employment protection, indebtedness, and risk
abstractThis paper studies how credit guarantee and employment protection programs interact in assisting firms during crises times. The paper analyzes how these government programs influence credit allocation, indebtedness, and risk at both the micro and macro levels. The programs provide different incentives for firms. The low interest rate encourages riskier firms to demand government-backed credit, while banks tend to reject those credit applications. The credit demand outweighs this screening supply response, expanding micro-level indebtedness across the extensive and intensive margins among riskier firms. The uptake of the employment program is not associated with risk, as firms internalize the opportunity cost of reduced operations when sending workers home to qualify for assistance. The employment program mitigates the indebtedness expansion of the credit program by supporting firms and enabling banks to screen firms better. Macroeconomic risk of the credit program would increase by a third without the availability of the employment program.
Huneeus, Federico; Kaboski, Joseph Paul; Larraín, Mauricio; Schmukler, Sergio L.; Vera, Mario;2025
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability:
Link 2. Inelastic demand meets optimal supply of risky sovereign bonds
Moretti, Matías; Pandolfi, Lorenzo; Schmukler, Sergio L.; Villegas Bauer, Germán; Williams, Tomás;2024
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability:
Link 3. Crisis credit, employment protection, indebtedness, and risk
Huneeus, Federico; Kaboski, Joseph Paul; Larraín, Mauricio; Schmukler, Sergio L.; Vera, Mario;2024
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability:
Link 4. The Distribution of Crisis Credit : Effects on Firm Indebtedness and Aggregate Risk
abstractWe study the distribution of credit during crisis times and its impact on firm indebtedness and macroeconomic risk. Whereas policies can help firms in need of financing, they can lead to adverse selection from riskier firms and higher default risk. We analyze a large-scale program of public credit guarantees in Chile during the COVID-19 pandemic using unique transaction-level data of demand and supply of credit, matched with administrative tax data, for the universe of banks and firms. Credit demand channels loans toward riskier firms, distributing 4.6% of GDP and increasing firm leverage. Despite increased lending to riskier firms at the micro level, macroeconomic risks remain small. Several factors mitigate aggregate risk: the small weight of riskier firms, the exclusion of the riskiest firms, bank screening, contained expected defaults, and the government absorption of tail risk. We quantitatively confirm our empirical findings with a model of heterogeneous firms and endogenous default
Huneeus, Federico; Kaboski, Joseph Paul; Larraín, Mauricio; Schmukler, Sergio L.; Vera, Mario;2022
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link Link
5. Inelastic Demand Meets Optimal Supply of Risky Sovereign Bonds
abstractThis paper presents evidence of inelastic demand in the market for risky sovereign bonds and examines its interplay with government policies. The methodology combines bond-level evidence with a structural model featuring endogenous bond issuances and default risk. Empirically, the paper exploits monthly changes in the composition of a major bond index to identify flow shocks that shift the available bond supply and are unrelated to country fundamentals. The paper finds that a 1 percentage point reduction in the available supply increases bond prices by 33 basis points. Although exogenous, these shocks might influence government policies and expected bond payoffs. The paper identifies a structural demand elasticity by feeding the estimated price reactions into a sovereign debt model that isolates endogenous government responses. These responses account for a third of the estimated price reactions. By penalizing additional borrowing, inelastic demand acts as a commitment device that reduces default risk
Moretti, Matías; Pandolfi, Lorenzo; Schmukler, Sergio L.; Villegas Bauer, Germán; Williams, Tomás;2024
Availability: Link
6. Crisis Credit, Employment Protection, Indebtedness, and Risk
abstractThis paper studies how credit guarantee and employment protection programs interact in assisting firms during crises times. The paper analyzes how these government programs influence credit allocation, indebtedness, and risk at both the micro and macro levels. The programs provide different incentives for firms. The low interest rate encourages riskier firms to demand government-backed credit, while banks tend to reject those credit applications. The credit demand outweighs this screening supply response, expanding micro-level indebtedness across the extensive and intensive margins among riskier firms. The uptake of the employment program is not associated with risk, as firms internalize the opportunity cost of reduced operations when sending workers home to qualify for assistance. The employment program mitigates the indebtedness expansion of the credit program by supporting firms and enabling banks to screen firms better. Macroeconomic risk of the credit program would increase by a third without the availability of the employment program
Huneeus, Federico; Kaboski, Joseph P.; Larrain, Mauricio; Schmukler, Sergio L.; Vera, Mario;2024
Availability: Link
7. The internationalization of China's equity markets
Cortina, Juan J.; Martínez Pería, María Soledad; Schmukler, Sergio L.; Xiao, Jasmine;2024
Type: Aufsatz in Zeitschrift; Article in journal;
Availability:
Link 8. The expansion of corporate bond markets in East Asia and Latin America
Abraham, Facundo; Cortina, Juan J.; Schmukler, Sergio L.;2021
Type: Graue Literatur; Non-commercial literature;
Availability:
9. The Internationalization of China's Equity Markets
abstractThe internationalization of China's equity markets started in the early 2000s but accelerated after 2012, when Chinese firms' shares listed in Shanghai and Shenzhen gradually became available to international investors. This paper documents the effects of the post-2012 internationalization events by comparing the evolution of equity financing and investment activities for (i) domestic listed firms relative to firms that already had access to international investors and (ii) domestic listed firms that were directly connected to international markets relative to those that were not. The paper shows significant increases in financial and investment activities for domestic listed firms and connected firms, with sizable aggregate effects. The evidence also suggests that the rise in firms' equity issuances was primarily and initially financed by domestic investors. Foreign ownership of Chinese firms increased once the locally issued shares became part of the Morgan Stanley Capital International (MSCI) Emerging Markets Index in 2018
Cortina, Juan J.; Martínez Pería, María Soledad; Schmukler, Sergio L.; Xiao, Jasmine;2023
Availability: Link Link
10. The Internationalization of China's Equity Markets
abstractChina’s equity markets internationalization process started in the early 2000s but accelerated after 2012, when Chinese firms’ shares listed in Shanghai and Shenzhen gradually became available to international investors. This paper studies the effects of the post-2012 internationalization events by comparing the evolution of equity financing and investment activities for: (i) domestic listed firms relative to firms that already had access to international investors and (ii) domestic listed firms that were directly connected to international markets relative to those that were not. The paper finds large increases in financial and investment activities for domestic listed and for connected firms, with significant aggregate effects. The evidence also suggests the rise in firms’ equity issuances was primarily and initially financed by domestic investors. International investors’ portfolio holdings in Chinese equity markets and ownership in firms increased markedly only once Chinese firms’ locally issued shares became part of the MSCI Emerging Markets Index
Cortina Lorente, Juan Jose; Schmukler, Sergio L.; Xiao, Jasmine; Martínez Pería, María Soledad;2023
Availability: Link
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