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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...

Do Credit Shocks Matter? A Global Perspective

Do Credit Shocks Matter? A Global Perspective »

Source: Do Credit Shocks Matter? A Global Perspective

Volume/Issue: 2010/261

Series: IMF Working Papers

Author(s): Thomas Helbling , Ayhan Kose , Christopher Otrok , and Raju Huidrom

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2010

ISBN: 9781455209613

Keywords: credit spreads, macroeconomic fluctuations, global recession, recession, recessions, global recessions, financial markets, Financial Markets and the Macroeconomy, Financial Aspects of Economic Integration, Open Economy Macroeconomics

This paper examines the importance of credit market shocks in driving global business cycles over the period 1988:1-2009:4. We first estimate common components in various macroeconomic and financial variables of th...

The Euro Area Crisis

The Euro Area Crisis »

Source: The Euro Area Crisis : Need for a Supranational Fiscal Risk Sharing Mechanism?

Volume/Issue: 2013/198

Series: IMF Working Papers

Author(s): Davide Furceri , and Aleksandra Zdzienicka

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2013

ISBN: 9781484334201

Keywords: risk sharing, consumption smoothing, fiscal union, moral hazard, banking crises, moral hazard problems, private consumption, Financial Aspects of Economic Integration, Open Economy Macroeconomics,

The aim of this paper is to assess the effectiveness of risk sharing mechanisms in the euro area and whether a supranational fiscal risk sharing mechanism could insure countries against very severe downturns. Using...

External Imbalances in the Euro Area

External Imbalances in the Euro Area »

Source: External Imbalances in the Euro Area

Volume/Issue: 2012/236

Series: IMF Working Papers

Author(s): Ruo Chen , Gian Milesi-Ferretti , and Thierry Tressel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2012

ISBN: 9781475524673

Keywords: euro area, external imbalances, financial integration, terms of trade shocks, trading partner, trading partners, trade shocks, commodity exporters, domestic demand, Institutions and the Macroeconomy

The paper examines the extent to which current account imbalances of euro area countries are related to intra-euro area factors and to external trade shocks. We argue that the traditional explanations for the risin...

Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out1

Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out1 »

Source: Sovereign Debt Markets in Turbulent Times : Creditor Discrimination and Crowding-Out

Volume/Issue: 2013/270

Series: IMF Working Papers

Author(s): Fernando Broner , Aitor Erce , Alberto Martin , and Jaume Ventura

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2013

ISBN: 9781484335963

Keywords: rollover crises, secondary markets, economic growth., domestic creditors, domestic debt, debt crises, public debt, International Lending and Debt Problems, Financial Aspects of Economic Integration, Open Economy Macroeconomics

In 2007, countries in the Euro periphery were enjoying stable growth, low deficits, and low spreads. Then the financial crisis erupted and pushed them into deep recessions, raising their deficits and debt levels. B...

Exchange-Rate Dark Matter

Exchange-Rate Dark Matter »

Source: Exchange-Rate Dark Matter

Volume/Issue: 2012/66

Series: IMF Working Papers

Author(s): Martin Evans

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2012

ISBN: 9781463938437

Keywords: Exchange Rate Dynamics, Open-Economy Macro Models, Habits, Incomplete Markets, risk, consumption, exchange-rate, exchange rates, depreciation, Macroeconomic Aspects Of International Trade And Finance

Dark matter accounts for 83 percent of the matter in the universe and plays a central role in cosmology modeling. This paper argues that an analogous form of dark matter plays a similarly important role in internat...

Balance Sheets, Exchange Rate Policy, and Welfare

Balance Sheets, Exchange Rate Policy, and Welfare »

Source: Balance Sheets, Exchange Rate Policy, and Welfare

Volume/Issue: 2004/63

Series: IMF Working Papers

Author(s): Selim Elekdag , and Ivan Tchakarov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2004

ISBN: 9781451848458

Keywords: financial accelerator, debt-to-GDP threshold, second-order approximation, exchange rate, exchange rate regimes, exchange rate regime, flexible exchange rate, fixed exchange rate, Open Economy Macroeconomics,

The debate about the appropriate choice of exchange rate regime is fundamental in international economics. This paper develops a small open-economy model with balance sheet effects and compares the performance of f...

International Transmission of Bank and Corporate Distress

International Transmission of Bank and Corporate Distress »

Source: International Transmission of Bank and Corporate Distress

Volume/Issue: 2010/124

Series: IMF Working Papers

Author(s): Papa N'Diaye , Dale Gray , Natalia Tamirisa , Hiroko Oura , and Qianying Chen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2010

ISBN: 9781455200832

Keywords: bank, corporate, distress, GVAR, financial, international, probability, bank distress, probabilities, bank default

The paper evaluates how increases in banks' and nonfinancial corporates' default risk are transmitted in the global economy, using in a vector autoregression model for 30 advanced and emerging economies for the per...

Trade Linkages, Balance Sheets, and Spillovers

Trade Linkages, Balance Sheets, and Spillovers »

Source: Trade Linkages, Balance Sheets, and Spillovers : The Germany-Central European Supply Chain

Volume/Issue: 2013/210

Series: IMF Working Papers

Author(s): Selim Elekdag , and Dirk Muir

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 October 2013

ISBN: 9781484355183

Keywords: Slovakia, vertical integration, vertical specialization, supply chain, DSGE models, financial accelerator, trade, gdp, supply, aggregate demand

Germany and the Czech Republic, Hungary, Poland, and Slovakia (the CE4) have been in a process of deepening economic integration which has lead to the development of a dynamic supply chain within Europe—the...

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

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

DOI: http://dx.doi.org/10.5089/9781451867503.001

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...