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Private Sector Deleveraging and Growth Following Busts

Private Sector Deleveraging and Growth Following Busts »

Source: Private Sector Deleveraging and Growth Following Busts

Volume/Issue: 2015/35

Series: IMF Working Papers

Author(s): Sally Chen , Minsuk Kim , Marijn Otte , Kevin Wiseman , and Aleksandra Zdzienicka

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 February 2015

ISBN: 9781498333405

Keywords: deleveraging, leverage cycles, growth, debt, balance sheet, debt overhang, markets, Models with Panel Data,

Balance sheet recessions have been a drag on activity after the Global Financial Crisis, underscoring the important role of balance sheet adjustment for resuming sustained growth. In this paper we examine private s...

Understanding the Macro-Financial Effects of Household Debt: A Global Perspective

Understanding the Macro-Financial Effects of Household Debt: A Global Perspective »

Source: Understanding the Macro-Financial Effects of Household Debt: A Global Perspective

Volume/Issue: 2018/76

Series: IMF Working Papers

Author(s): Adrian Alter , Alan Xiaochen Feng , and Nico Valckx

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2018

ISBN: 9781484349861

Keywords: Household debt; financial crises; neglected crash risk; leverage; macro-financial stability, Household debt, financial crises, neglected crash risk, leverage, macro-financial stability, Forecasting and Simulation, General

We confirm the negative relationship between household debt and future GDP growth documented in Mian, Sufi, and Verner (2017) for a wider set of countries over the period 1950-2016. Three mutually reinforcing mecha...

Stress Testing Corporate Balance Sheets in Emerging Economies

Stress Testing Corporate Balance Sheets in Emerging Economies »

Source: Stress Testing Corporate Balance Sheets in Emerging Economies

Volume/Issue: 2015/216

Series: IMF Working Papers

Author(s): Julian Chow

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 September 2015

ISBN: 9781513502717

Keywords: Emerging market corporate debt, leverage, debt at risk, debt, corporate debt, emerging market, market, markets, General, All Countries,

In recent years, firms in emerging market countries have increased borrowing, particularly in foreign currency, owing to easy access to global capital markets, prolonged low interest rates and good investment oppor...

Financial Reforms, Financial Openness, and Corporate Borrowing

Financial Reforms, Financial Openness, and Corporate Borrowing »

Source: Financial Reforms, Financial Openness, and Corporate Borrowing : International Evidence

Volume/Issue: 2007/186

Series: IMF Working Papers

Author(s): Enrica Detragiache , Gianni De Nicolo , and Senay Agca

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2007

ISBN: 9781451867503

Keywords: Corporate leverage, debt maturity, financial reforms, financial openness, international financial markets, financial liberalization, bond, bond rating,

We study how credit market deregulation and increased international financial openness have changed corporate borrowing. The evidence comes from a large panel of publicly traded firms in 38 countries over the perio...

Corporate Financing Trends and Balance Sheet Risks in Latin America1

Corporate Financing Trends and Balance Sheet Risks in Latin America1 »

Source: Corporate Financing Trends and Balance Sheet Risks in Latin America

Volume/Issue: 2015/10

Series: IMF Working Papers

Author(s): Fabiano Rodrigues Bastos , Herman Kamil , and Bennett Sutton

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 January 2015

ISBN: 9781498307802

Keywords: Bond issuance, corporate leverage, bond, debt, markets, issuance, Financial Markets and the Macroeconomy,

Easy global liquidity conditions, stronger risk appetite and a retrenchment in cross-border bank lending led to a surge in emerging market firms' bond issuance in international markets (what we term 'The Bon(d)anza...

Taxation and Leverage in International Banking

Taxation and Leverage in International Banking »

Source: Taxation and Leverage in International Banking

Volume/Issue: 2012/281

Series: IMF Working Papers

Author(s): Grace Weishi Gu , Ruud A. Mooij , and Tigran Poghosyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2012

ISBN: 9781475572209

Keywords: Bank taxation, corporate tax, debt bias, leverage, international tax, subsidiaries, capital requirement, capital structure, tax differences

This paper explores how corporate taxes affect the financial structure of multinational banks. Guided by a simple theory of optimal capital structure it tests (i) whether corporate taxes induce subsidiary banks to...

Spring Forward or Fall Back? The Post-Crisis Recovery of Firms

Spring Forward or Fall Back? The Post-Crisis Recovery of Firms »

Source: Spring Forward or Fall Back? The Post-Crisis Recovery of Firms

Volume/Issue: 2012/292

Series: IMF Working Papers

Author(s): Leandro Medina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 December 2012

ISBN: 9781475524734

Keywords: firm resilience, recovery, leverage, corporate performance, short-term debt, pre-crisis, competitiveness, recessions, Firm Behavior: Empirical Analysis, General

This paper studies corporate performance in the aftermath of the global crisis by examining 6,581 manufacturing firms in 48 developed and developing countries in 2010, identifying factors of resilience as well as v...

Assessing China’s Corporate Sector Vulnerabilities

Assessing China’s Corporate Sector Vulnerabilities »

Source: Assessing China's Corporate Sector Vulnerabilities

Volume/Issue: 2015/72

Series: IMF Working Papers

Author(s): Mali Chivakul , and Waikei Lam

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 March 2015

ISBN: 9781484308783

Keywords: leverage, state-owned enterprise (SOE), real estate, interest rate shock, debt, interest, interest rate, profit, indebtedness, General,

This paper documents and assesses the risk stemming from rising corporate indebtedness in China using a firm-level dataset of listed firms. It finds that while leverage on average is not high, there is a fat tail...

Emerging Market Corporate Leverage and Global Financial Conditions

Emerging Market Corporate Leverage and Global Financial Conditions »

Source: Emerging Market Corporate Leverage and Global Financial Conditions

Volume/Issue: 2016/243

Series: IMF Working Papers

Author(s): Adrian Alter , and Selim Elekdag

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 December 2016

ISBN: 9781475560480

Keywords: Monetary policy, Corporate debt, United States, Emerging markets, Economic conditions, Corporate structure, Leverage, Global financial conditions, US monetary policy

Corporate debt in emerging markets has risen significantly in recent years amid accommodative global financial conditions. This paper studies the relationship of leverage growth in emerging market (EM) firms to U.S...

Corporate Vulnerabilities in India and Banks' Loan Performance

Corporate Vulnerabilities in India and Banks' Loan Performance »

Source: Corporate Vulnerabilities in India and Banks' Loan Performance

Volume/Issue: 2014/232

Series: IMF Working Papers

Author(s): Peter Lindner , and Sung Eun Jung

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 December 2014

ISBN: 9781498334235

Keywords: firm resilience, bank-corporate dependencies, leverage, corporate performance, debt, share, loan, market, Firm Behavior: Empirical Analysis, General

The financial performance of India's corporate sector has been under pressure since the Global Financial Crisis. Balance-sheet data on a large cross-section of Indian non-financial corporates show that the growth i...