Lugar: Sala de Reuniones del Departamento de Economía. Edificio Los Madroños, 2ª planta (ECON-2026)

Ponente: Gabriel Natividad (Universidad de Piura)

Título: Collateral Requirements, Firm Growth and Risk (trabajo conjunto con Mark J. Garmaise)

Abstract: Using inferred discontinuities in lender collateral requirement models, we analyze the impact on Peruvian firms of an exogenous requirement to post security for their debt. Firms forced to supply collateral exhibit slower medium-term sales growth. This is not due to a change in the quantity of financing, for we find that total borrowing is unaffected by collateral demands. We show that collateral requirements have a dual effect on firm risk: while they induce surviving firms to become less risky, they simultaneously elevate the likelihood of firm failure.