Data for: The Collateral Channel under Imperfect Debt Enforcement

Abstract of associated paper: Does imperfect enforceability of debt contracts amplify the sensitivity of industry growth to collateral values? To answer this question, we introduce a novel industry-specific measure of real asset redeployability - the ease with which real assets are transferred to alternative uses - as a proxy for liquidation values of collateral. Our measure exploits the heterogeneity of expenditures in new and used capital and the heterogeneity in the composition of real asset holdings across U.S. industries. Using a cross-industry cross-country approach, we find that industry growth is more sensitive to changes in collateral values in countries with weaker debt enforcement.关联论文摘要：债务合同执行不完全是否会放大行业增长对抵押资产价值的敏感度？为解答该问题，我们提出了一种全新的行业层面实物资产可转用性（real asset redeployability）测算指标——即实物资产转作其他用途的难易程度——以此作为抵押品清算价值的代理变量。本指标利用了美国各行业在新资本品与二手资本品支出上的异质性，以及各行业实物资产持有结构的异质性。通过采用跨行业跨国研究方法，我们发现：在债务执行力度较弱的国家，行业增长对抵押资产价值变动的敏感度更高。