为所有美国上市公司的债务提供担保需要多少钱？

IF 1.7 4区经济学 Q2 ECONOMICS

Contemporary Economic Policy Pub Date : 2024-06-21 DOI:10.1111/coep.12657

Stephen Matteo Miller

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引用次数: 0

摘要

对 1971 年第 4 季度至 2022 年第 4 季度所有可获得的美国上市公司的担保债务事先按市价估算的价值显示，最大的估算值周期性地出现在少数大型金融企业中，但非金融企业也会出现大量估算值。按 2010 年第一季度美元实际汇率计算，在 COVID-19 大流行期间，债务担保的总成本在 2009 年第一季度达到 9,830 亿美元，在 2020 年第一季度达到 2,847.8 亿美元。观察到的巨额担保估算可能反映了道德风险，但也反映了对避免失业率大幅上升或在国家紧急状态下维持基本服务供应的担忧。

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How much would it cost to guarantee debt for all publicly traded U.S. corporations?

Estimated marked-to-market values of guaranteeing debt ex ante for all available publicly traded US corporations from Q4 1971 to Q4 2022 reveal that the largest estimates periodically arise with a handful of large financial corporations, but significant estimates can arise for nonfinancial corporations. In real Q1 2010 US dollars, the aggregate cost of guaranteeing debt reached $983 billion in Q1 2009 and $284.78 billion in Q1 2020 during the COVID-19 pandemic. Large observed guarantee estimates may reflect moral hazard, but also concerns about avoiding substantial increases in unemployment or maintaining the provision of essential services during national emergencies.

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来源期刊

Contemporary Economic Policy Multiple-

CiteScore

3.10

自引率

6.70%

发文量

期刊介绍： Contemporary Economic Policy publishes scholarly economic research and analysis on issues of vital concern to business, government, and other decision makers. Leading western scholars, including three Nobel laureates, are among CEP"s authors. The objectives are to communicate results of high quality economic analysis to policymakers, focus high quality research and analysis on current policy issues of widespread concern, increase knowledge among economists of features of the economy key to understanding the impact of policy, and to advance methods of policy analysis.