Monetary policy and the time-dimension of firms’ financing structure
DOI:
https://doi.org/10.52195/pm.v9i2.227Abstract
We offer a sketch of an Austrian theory of corporate finance by studying the structure of firms’ liabilities both on an unhampered market and through a monetary policy-induced business cycle. Building on recent contributions on the time-structure of savings, we show that booms are characterized by increased leverage and higher levels of maturity mismatches for firms. Such fragilities are to be corrected during busts.
Key words: Business Cycles, Corporate Finance, Austrian Economics.
JEL Classification: B53, E32, G30.
Resumen: En este trabajo ofrecemos un esbozo de una teoría austriaca de las finanzas corporativas mediante el estudio de la estructura del pasivo de las empresas, tanto en un contexto de mercado libre puro, como de ciclo económico inducido por la política monetaria. Basándonos en recientes con-tribuciones sobre la estructura temporal de los ahorros, mostramos que los periodos de auge están caracterizados por un aumento del apalancamiento y mayores niveles de descalce de plazos de las empresas. Tales fragilidades deben corregirse durante las recesiones.
Palabras clave: Ciclo Económico, Finanzas Corporativas, Economía Austriaca.
Clasificación JEL: B53, E32, G30.
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