ECB paper considers impact of loss in collateral value
Research studies the effects of a legal reform in Sweden in 2004
A working paper published by the European Central Bank (ECB) investigates how a loss in collateral value can impact an economy, focusing on a legal reform in Sweden in 2004.
In Collateral damage? On collateral, corporate financing and performance, Geraldo Cerqueiro, Steven Ongena and Kasper Roszbach exploit a dataset covering all incorporated firms in Sweden between 2000 and 2006.
Their results suggest the 2004 reform "may have had negative consequences" for the real economy. "We find that the
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