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De Nederlandsche Bank Monetary and Economic Policy
De Nederlandsche Bank Monetary and Economic Policy

... 3.1 The capital structure measure We take firm-level data (1993-2001) from Bureau van Dijk’s AMADEUS ‘top 200.000’ database. Annual balance sheet data and profit and loss account details are included for firms that have either more than 100 employees, more than €10 million operating revenue, or more ...
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Mortgage Choices and Housing Speculation
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... result of shortages in the Soviet Union only by referring to these gaps between two economic systems although the hyperinflation after the transition reform indirectly suggests the existence of unsatisfied and unrealized consumer effective demand. The reason is that neither voluntary nor involuntar ...
The Role of Interest Rate Swaps in Corporate
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... market are yet to be fully understood, financial economists have proposed a number of different hypotheses to explain how and why firms use interest rate swaps. The early explanation, popular among market participants, was that interest rate swaps lowered financing costs by making it possible for fi ...
discount rates
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Margin Credit and Stock Return Predictability
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... debt capacity margin credit (details in Section 2). Over our sample period of 31 years from 1984 to 2014, we find that a higher margin credit predicts lower future market returns. We compare margin credit with other popular predictors and find that margin credit is the strongest predictor to date of ...
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Household debt



Household debt is defined as the amount of money that all adults in the household owe financial institutions. It includes consumer debt and mortgage loans. A significant rise in the level of this debt coincides historically with many severe economic crises and was a cause of the U.S. and subsequent European economic crises of 2007–2012. Several economists have argued that lowering this debt is essential to economic recovery in the U.S. and selected Eurozone countries.
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