Funding Liquidity without Banks: Evidence from a Shock to the Cost of Very Short-Term Debt
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In 2011, Colombia instituted a tax on repayment of bank loans, thereby increasing the cost of short-term bank credit more than long-term credit. Firms responded by cutting their short-term loans for liquidity management purposes and increasing their use of cash and trade credit. In industries where
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美国国家经济研究局创建时间：
2017-02-01
