Haku
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Monetary Policy, the Financial Cycle, and Ultra-Low Interest Rates
(15.09.2017)
International Journal of Central Banking 4 ; September
International Journal of Central Banking 4 ; September
Do the prevailing unusually and persistently low real interest rates reflect a decline in the natural rate of interest as commonly thought? We argue that this is only part of the story. The critical role of financial factors ...
Social Capital and Debt Contracting : Evidence from Bank Loans and Public Bonds
(03.05.2017)
Journal of Financial and Quantitative Analysis 3; June
Journal of Financial and Quantitative Analysis 3; June
We find that firms headquartered in U.S. counties with higher levels of social capital incur lower bank loan spreads. This finding is robust to using organ donation as an alternative social capital measure and incremental ...