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"The author presents evidence that balance sheet effects are critical determinants of both the likelihood of a crisis and of income losses following a crisis. She tests the validity of "insurance" and "liquidity" models of currency crisis. Both models predict that the occurrence of a balance of...
Persistent link: https://www.econbiz.de/10010522552
"Previous research has documented weak, and sometimes conflicting, effects of legal quality on measures of firm debt … denomination of debt. The authors discuss several mechanisms by which firms can avoid the costs of poor legal systems with foreign …
Persistent link: https://www.econbiz.de/10010522669
"Zervos documents the precise costs of debt and equity issuance, both domestically and internationally, for firms in … issuing debt locally or abroad, whereas domestic equity issuance is nearly twice as expensive as debt. While the Chilean … domestic corporate debt market is well developed by emerging market standards (size of the market and maturity of issues …
Persistent link: https://www.econbiz.de/10010522910
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Persistent link: https://www.econbiz.de/10010523699
Persistent link: https://www.econbiz.de/10000033398
"This paper re-emphasizes the link from structural policies to enhanced macroeconomic stabilization using a small structural model estimated on quarterly data for Macedonia and Slovakia over 1995-2007. The success of macroeconomic stabilization, typically in the hands of monetary policy, is not...
Persistent link: https://www.econbiz.de/10010521068
"This paper analyzes the process of institutional transformation in Bulgaria and assesses the extent to which it has established institutions and policies fostering domestic economic activity and integration into global markets. After a brief review of characteristics and achieved progress in...
Persistent link: https://www.econbiz.de/10010522196
Persistent link: https://www.econbiz.de/10010522931