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International Monetary Fund. Research Dept.

equity-like characteristics. A financial firm that has to rebuild its capital base can then face particular difficulties. Efforts to issue new equity transfer value from equity holders to debt holders, because the risks to the latter fall as the equity cushion expands. This slashes the value of existing equity to such an extent that issuing new equity might worsen the debt/equity position. More generally, the crisis has highlighted the costs of the inflexibility associated with leveraged capital structures and specialization in profitable but risky core activities

International Monetary Fund

.2 2.7 2.8 2.6 2.8 3.0 Transfers abroad 0.8 0.9 0.8 1.2 1.4 0.8 1.1 Transfers to other enterprises … … … … 0.6 2.7 1.7 Transfer value … … … 1.6 2.2 4.1 2.1 Other expenditures 1/ … … 3.4 7.0 0.5 3.1 −2.3 Capital expenditure 3.2 3.3 2.9 10.2 8.6 3.9 10.5 Acquisition of fixed capital assets 2.3 1.9 2.2 9.2 7.6 3.7 9.7 Purchases of land and intangible assets 0.2 0.9 0.1 0.1 0.4 0.1 0