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Essays on Credit Risks and Financial...

Kim, Jihyun,

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Essays on Credit Risks and Financial Frictions /

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays on Credit Risks and Financial Frictions // Jihyun Kim.
Author:	Kim, Jihyun,
Description:	1 electronic resource (133 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 86-03, Section: B.
Contained By:	Dissertations Abstracts International86-03B.
Subject:	Pandemics. -
Online resource:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=31340669
ISBN:	9798384211044

Essays on Credit Risks and Financial Frictions /
Kim, Jihyun,

Essays on Credit Risks and Financial Frictions /Jihyun Kim. - 1 electronic resource (133 pages)

Source: Dissertations Abstracts International, Volume: 86-03, Section: B.

This thesis consists of two main chapters studying the interplay between government policies and firms' financing, focusing on credit risks.In Chapter 2, I study the effects of government-backed financing on aggregate productivity by exploiting an expansion of government loans to firms in Korea after 2017. I show that the borrowing cost decreased more for firms eligible for government loans relative to ineligible firms. Eligible firms with higher pre-policy borrowing costs had larger post-policy increases in investment than eligible firms with lower pre-policy borrowing costs. At the same time, the exit rate of low-productivity eligible firms decreased the most following the policy. To quantify the effect on aggregate productivity, I build a heterogeneous-firm model with endogenous entry and exit, borrowing cost, and investment. I find that an expansion of government loans to firms as large as the one observed in Korea decreases aggregate productivity by 0.3% over 10 years, explained by a 0.1% increase coming from higher investment by formally constrained firms and a 0.4% decrease attributed to the reduced exit rates among low-productive firms.In Chapter 3, I study how the government's local debt financing influences firms' access to credit, in turn shaping the response of emerging economies to global financial conditions. Local currency debt allows emerging economies' governments to avoid currency mismatch, which is expected to insulate them from global financial fluctuation. Using data from 11 emerging economies, I document that this insulation is partial and the degree of the insulation depends on a country's financial development and debt level. I also find that banks in a country with low financial development relative to its debt level disrupt private credit more significantly when foreign capital exits from the local currency bond market. Low financial development relative to its debt level makes the local economy more exposed to external factors despite a seemingly lowered exposure of government debt, as government debt crowds out credit for firms. To better understand these patterns, I develop a sovereign default model with local currency bonds that can be held by local banks and a heterogeneous set of foreign investors. The model replicates key patterns observed in the data, related to the relationship between an economy's capacity to maintain private credit during capital outflows, credit risk, and external vulnerability.

English

ISBN: 9798384211044Subjects--Topical Terms:

3464080
Pandemics.

Essays on Credit Risks and Financial Frictions /
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500 $a Source: Dissertations Abstracts International, Volume: 86-03, Section: B.
500 $a Advisors: Hatchondo, Juan Carlos.
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520 $a This thesis consists of two main chapters studying the interplay between government policies and firms' financing, focusing on credit risks.In Chapter 2, I study the effects of government-backed financing on aggregate productivity by exploiting an expansion of government loans to firms in Korea after 2017. I show that the borrowing cost decreased more for firms eligible for government loans relative to ineligible firms. Eligible firms with higher pre-policy borrowing costs had larger post-policy increases in investment than eligible firms with lower pre-policy borrowing costs. At the same time, the exit rate of low-productivity eligible firms decreased the most following the policy. To quantify the effect on aggregate productivity, I build a heterogeneous-firm model with endogenous entry and exit, borrowing cost, and investment. I find that an expansion of government loans to firms as large as the one observed in Korea decreases aggregate productivity by 0.3% over 10 years, explained by a 0.1% increase coming from higher investment by formally constrained firms and a 0.4% decrease attributed to the reduced exit rates among low-productive firms.In Chapter 3, I study how the government's local debt financing influences firms' access to credit, in turn shaping the response of emerging economies to global financial conditions. Local currency debt allows emerging economies' governments to avoid currency mismatch, which is expected to insulate them from global financial fluctuation. Using data from 11 emerging economies, I document that this insulation is partial and the degree of the insulation depends on a country's financial development and debt level. I also find that banks in a country with low financial development relative to its debt level disrupt private credit more significantly when foreign capital exits from the local currency bond market. Low financial development relative to its debt level makes the local economy more exposed to external factors despite a seemingly lowered exposure of government debt, as government debt crowds out credit for firms. To better understand these patterns, I develop a sovereign default model with local currency bonds that can be held by local banks and a heterogeneous set of foreign investors. The model replicates key patterns observed in the data, related to the relationship between an economy's capacity to maintain private credit during capital outflows, credit risk, and external vulnerability.
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650 4 $a Pandemics. $3 3464080
650 4 $a Investors. $3 3544951
650 4 $a COVID-19. $3 3554449
650 4 $a Epidemiology. $3 568544
650 4 $a Finance. $3 542899
650 4 $a Political science. $3 528916
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710 2 $a The University of Western Ontario (Canada). $e degree granting institution. $3 3759225
720 1 $a Hatchondo, Juan Carlos $e degree supervisor.
773 0 $t Dissertations Abstracts International $g 86-03B.
790 $a 0784
791 $a Ph.D.
792 $a 2024
856 4 0 $u https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=31340669