Debt and Creative Destruction: Why Could Subsidizing Corporate Debt be Optimal?
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We illustrate the welfare benefit of tax subsidies to corporate debt financing. Two firms engage in a socially wasteful competition for survival in a declining industry. Firms differ on two dimensions: exogenous productivity and endogenously chosen amount of debt financing, resulting in a two
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美国国家经济研究局创建时间：
2012-03-01
