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Mr. Sergio L. Schmukler and Mr. Esteban Vesperoni
This paper studies the relation between firm's financing choices and financial globalization. Using an East Asian and Latin American firm-level panel for the 1980s and 1990s, we study how leverage ratios, debt maturity structure, and sources of financing change when economies are liberalized and when firms access international capital markets. We find that debt-equity ratios do not increase after financial liberalization. Debt maturity shortens for the average firm when countries undertake financial liberalization. However, domestic firms that actually participate in international capital markets extend their debt maturity. Financial liberalization has less effects on firms from countries with more developed domestic financial systems. Leverage ratios increase during crises.
International Monetary Fund. External Relations Dept.

Working Papers ($10.00) 01/195: Globalization and Firms’ Financing Choices: Evidence from Emerging Economies, Sergio Schmukler and Esteban Vesperoni 01/197: Limiting Currency Volatility to Stimulate Goods Market Integration: A Price-Based Approach , David Parsley and Shang-Jin Wei 01/198: Sources of Inflation in Developing Countries , Prakash Loungani and Phillip L. Swagel 01/199: Regional Disparities and Transfer Policies in Russia: Theory and Evidence, Era Dabla-Norris and Shlomo Weber 01/200: Risk Diversification in the Credit Portfolio

International Monetary Fund. Research Dept.

’ Financing Choices: Evidence from Emerging Economies Schmukler, Sergio; Vesperoni, Esteban Working Paper No. 01/96 Districting and Government Overspending Baqir, Reza Working Paper No. 01/97 Can Inheritances Alleviate the Fiscal Burden of an Aging Population? Lueth, Erik Working Paper No. 01/98 “Big Bang” Versus Gradualism in Economic Reforms: An Intertemporal Analysis with an Application to China Feltenstein, Andrew; Nsouli, Saleh M. Working Paper No. 01/99 Philippines: Preparations for Inflation Targeting

International Monetary Fund. Research Dept.
The IMF Research Bulletin, a quarterly publication, selectively summarizes research and analytical work done by various departments at the IMF, and also provides a listing of research documents and other research-related activities, including conferences and seminars. The Bulletin is intended to serve as a summary guide to research done at the IMF on various topics, and to provide a better perspective on the analytical underpinnings of the IMF’s operational work.
International Monetary Fund. Research Dept.

The IMF Research Bulletin, a quarterly publication, selectively summarizes research and analytical work done by various departments at the IMF, and also provides a listing of research documents and other research-related activities, including conferences and seminars. The Bulletin is intended to serve as a summary guide to research done at the IMF on various topics, and to provide a better perspective on the analytical underpinnings of the IMF’s operational work.

International Monetary Fund. Research Dept.

The IMF Research Bulletin, a quarterly publication, selectively summarizes research and analytical work done by various departments at the IMF, and also provides a listing of research documents and other research-related activities, including conferences and seminars. The Bulletin is intended to serve as a summary guide to research done at the IMF on various topics, and to provide a better perspective on the analytical underpinnings of the IMF’s operational work.

International Monetary Fund. Research Dept.

The IMF Research Bulletin, a quarterly publication, selectively summarizes research and analytical work done by various departments at the IMF, and also provides a listing of research documents and other research-related activities, including conferences and seminars. The Bulletin is intended to serve as a summary guide to research done at the IMF on various topics, and to provide a better perspective on the analytical underpinnings of the IMF’s operational work.

International Monetary Fund. Research Dept.

The IMF Research Bulletin, a quarterly publication, selectively summarizes research and analytical work done by various departments at the IMF, and also provides a listing of research documents and other research-related activities, including conferences and seminars. The Bulletin is intended to serve as a summary guide to research done at the IMF on various topics, and to provide a better perspective on the analytical underpinnings of the IMF’s operational work.

International Monetary Fund. Research Dept.

The IMF Research Bulletin, a quarterly publication, selectively summarizes research and analytical work done by various departments at the IMF, and also provides a listing of research documents and other research-related activities, including conferences and seminars. The Bulletin is intended to serve as a summary guide to research done at the IMF on various topics, and to provide a better perspective on the analytical underpinnings of the IMF’s operational work.