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Cook, David, 2004, “Monetary Policy in Emerging Markets: Can Liability Dollarization Explain Contractionary Devaluations?” Journal of Monetary Economics, Vol. 51, pp. 1155–81.
Glen, Jack, and Ajit Singh, 2004, “Comparing Capital Structures and Rates of Return in Developed and Emerging Markets,” Emerging Markets Review No. 5, pp.161–92.
Sorsa, Piritta, Bas B. Bakker, Christoph Duenwald, Andrea M. Maechler, and Andrew Tiffin, 2007, “Vulnerabilities in Emerging Southeastern Europe—How Much Cause for Concern?” IMF Working Paper No. 07/236 (Washington: International Monetary Fund).
Prepared by Tokhir Mirzoev (EUR).
Data on Serbian companies’ balance sheets is collected by the NBS Solvency Center. Access to the Solvency Center database is available through the website of the National Bank of Serbia: http://www.nbs.yu/internet/english/15/index.html.
The low leverage ratio may also reflect London Club debt restructuring and other write-offs, while new loans mostly represent borrowing after December 2000, which may also partly explain favorable debt maturity.
Sorsa et al. (2007) discuss the increased vulnerability to financial risks in Southeastern Europe.
Data on private non-bank corporate external debt includes loans contracted after December 20, 2000.