新冠肺炎疫情的冲击和企业融资：政府还是市场？还是两者都有？.pdf

1、IntroductionEmpirical AnalysisModelConclusionAppendixThe COVID-19 Shock and Firm Financing:Government or Market?Or Both?Miguel Acosta-Henao1,Andr es Fern andez1,PatriciaGomez-Gonzalez,S ebnem Kalemli-OzcanCentral Bank of Chile,IMF,Fordham University,University of MarylandNorges Bank&IMF-ERConference

2、 on the Future of Macroeconomic PolicyJune 16,20231Disclaimer:authors views and not those of the Central Bank of Chile,itsboard members,the IMF,its executive board,or IMF management.IntroductionEmpirical AnalysisModelConclusionAppendixTwo Motivating FactsFACT 1:The COVID shock brought a Sudden Stop

3、to Chile(and other EMEs),with sharp capital outflows and many firmsloosing access to foreign fundingIntroductionEmpirical AnalysisModelConclusionAppendixTwo Motivating FactsFACT 2:firms substituted foreign for domestic borrowing,particularly medium and large ones,though not mega firms.Figure:Firms F

4、inance Mix in Chile:Before&During PoliciesIntroductionEmpirical AnalysisModelConclusionAppendixThree Questions1Did unconventional policies deployed during COVIDcaused this change in the finance mix of firms?2What were the main channels at play?3What lessons can we draw from this episode for the type

5、of stabilization tools policymakers have in the wake oflarge shocks?IntroductionEmpirical AnalysisModelConclusionAppendixWhat we do:Data Analysis&TheoryUsing a unique micro dataset of firms in Chile,we studyif/how unconventional policies at the onset of COVIDimpacted firms debt composition(domestic

6、vs externaldebt)Unconventional credit support policies:1Sovereign guarantees on commercial banks loans to firms2Central Banks credit line facility for banks,provided theylent to firmsHeterogeneous firms SOE model with endogenous debtcomposition and the two unconventional policiesIntroductionEmpirica