VALÉRIE OHEIX
Maître de conférences
2009-14
Why do firms borrow on a short-term basis ? Evidence from European countries
Valérie Oheix, Dorothée Rivaud-Danset
- Abstract
- This paper investigates empirically the use of short-term bank loans by firms. We face two analytical frameworks. According to the corporate finance theory, short-term and long-term ebts are substitutes, while in the credit channel literature they are distinct and complementary vehicles. We estimate a model that explains the level of short-term bank debt, using panel data from the BACH database for six European countries (1989-2003). Our results indicate that the two types of bank loans are complements. They show that short-term bank debt should be analysed as a specific vehicle that finances current assets, as in the credit channel literature.
- Mot(s) clé(s)
- corporate short-term debt, debt maturity structure, credit channel
2007-22
Financial Intermediation in Developed Countries: Heterogeneity, Lengthening and Risk Transfer
Michel Boutillier, Nathalie Lévy, Valérie Oheix
- Abstract
- We built an original database of flow of funds financial accounts in order to assess the final destination of households' financial wealth. Our method based on matrix calculation stepwise makes all financial intermediaries transparent. We reject the usual dichotomy between bankand market-based systems. The diversity of monetary and non-monetary financial intermediaries' roles includes various ways of interpenetration - consolidation in Europe, credit risk transfer techniques in the U.S. - and the lengthening of the intermediation chain. Based on the same function of transformation of indirect debt securities, it reinforces the Gurley and Shaw's unifying definition of financial intermediation.
- Mot(s) clé(s)
- Financial intermediation, risk management, input-output matrix, households’ wealth, bank-based systems, market-based systems, cross-sectoral activities
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