论文标题
大萧条中的铁路救助
Railroad Bailouts in the Great Depression
论文作者
论文摘要
在1932年至1939年之间，重建金融公司和公共工程管理局借贷超过11亿美元的美国铁路。政府的目标是减少债券违约的可能性并增加就业。救助对就业影响不大，而是增加了员工的平均工资。救助降低了杠杆作用，但没有显着影响债券违约。总体而言，释放铁路对其股价影响不大，但导致其债券价格上涨并降低了评级降低的可能性。我们发现一些证据表明，靠近铁路的制造公司受益于救助溢出。
The Reconstruction Finance Corporation and Public Works Administration loaned 50 U.S. railroads over $1.1 billion between 1932 and 1939. The government goal was to decrease the likelihood of bond defaults and increase employment. Bailouts had little effect on employment, instead they increased the average wage of their employees. Bailouts reduced leverage, but did not significantly impact bond default. Overall, bailing out railroads had little effect on their stock prices, but resulted in an increase in their bond prices and reduced the likelihood of ratings downgrades. We find some evidence that manufacturing firms located close to railroads benefited from bailout spillovers.
