美联储-债务过剩与零售业的启示（英）-2022.8

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美联储-债务过剩与零售业的启示（英）-2022.8

# 债务过剩 # 零售业大小：0.46M | 页数：46 | 上架时间：2022-08-31 | 语言：英文

美联储-债务过剩与零售业的启示（英）-2022.8.pdf

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美联储-债务过剩与零售业的启示（英）-2022.8.pdf

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类型: 宏观

上传者: 智释雯

撰写机构: 美联储

出版日期: 2022-08-31

摘要：

Debt overhang is central for theories of capital structure, yet credible empirical estimates of its effects remain elusive. We study the consequences and mechanisms of debt overhang using exogenous changes in the leverage of commercial retail properties. Identification comes from changes in property values occurring after pre-determined debt rollover dates. We show that debt reduces profitability by impairing property owners’ response to negative shocks, reducing the business activity of their remaining retail tenants. For the median property, a 10 percentage point leverage increase causes 22% lower employment, mostly in large retail stores, and overall 15% lower operating income.

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