profitability in 43 industrialized and developing countries. After financial leverage and the effect of tax minimizing income …

Latin American firm-level panel for the 1980s and 1990s, we study how leverage ratios, debt maturity structure, and sources …. Leverage ratios increase during crises …

We quantify the effect of exchange rate fluctuations on firm leverage. When home currency appreciates, firms who hold … currency debt. These firms can borrow more as a result and increase their leverage. When home currency depreciates, the reverse … happens as firms have to de-lever with a negative shock to their balance sheets. Using firm-level data for leverage from 10 …

conditions. This paper studies the relationship of leverage growth in emerging market (EM) firms to U.S. monetary conditions, and … with faster EM leverage growth during the past decade. Specifically, a 1 percentage point decline in the U.S. policy rate … corresponds to an appreciable increase in EM leverage growth of 9 basis points, on average (relative to the sample average …