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Growth of global corporate debt : main facts and policy challenges

Abraham, Facundo; Cortina, Juan J.; Schmukler, Sergio L. - 2020

expansion of global nonfinancial corporate debt after the 2008-09 global financial crisis. Nonfinancial corporate debt steadily … increased after the crisis, especially in emerging economies. Between 2008 and 2018, corporate debt increased from 56 to 96 …. Nonfinancial corporate debt was mainly issued through bond markets, and its growth can be largely attributed to accommodative …

Persistent link: https://www.econbiz.de/10012296893

Global corporate debt during crises : implications of switching borrowing across markets

Cortina, Juan J.; Didier, Tatiana; Schmukler, Sergio L. - 2020

, maturity, and currency denomination at the firm and aggregate levels. Using data on worldwide debt issuance from advanced and … corporate bonds during financial crises. Firms reduced their borrowing in shock-hit markets but increased it in other debt … toward domestic markets during international crises, firms reduced the share of foreign currency debt. The opposite occurred …

Persistent link: https://www.econbiz.de/10012228743

Capital market financing and firm growth

Didier, Tatiana; Levine, Ross; Llovet Montanes, Ruth; … - 2020

This paper studies whether there is a connection between finance and growth at the firm level. It employs a new dataset of 150,165 equity and bond issuances around the world, matched with income and balance sheet data for 62,653 listed firms in 65 countries over 1990-2016. Three main patterns...

Persistent link: https://www.econbiz.de/10012297801

Search for yield in large international corporate bonds : investor behavior and firm responses

Calomiris, Charles W.; Larraín, Mauricio; Schmukler, … - 2019

Emerging market corporations have significantly increased their borrowing in international markets since 2008. This paper shows that this increase was driven by large-denomination bond issuances, most of them with face value of USD 500 million. Large issuances are eligible for inclusion in...

Persistent link: https://www.econbiz.de/10012051937

The rise of domestic capital markets for corporate financing

Abraham, Facundo; Cortina, Juan J.; Schmukler, Sergio L. - 2019

During the past decades, firms from emerging economies have significantly increased the amount of financing obtained in capital markets. Whereas the literature argues that international markets have been an important contributor to this process, the role of domestic markets is mostly unknown. By...

Persistent link: https://www.econbiz.de/10012022363

Financing firms in hibernation during the COVID-19 pandemic

Didier, Tatiana; Huneeus, Federico; Larraín, Mauricio; … - 2020

The coronavirus (COVID-19) pandemic has halted economic activity worldwide, hurting firms and pushing them toward bankruptcy. This paper provides a unified framework to organize the policy debate related to firm financing during the downturn, centered along four main points. First, the economic...

Persistent link: https://www.econbiz.de/10012241118

Basel III implementation and SME financing : evidence for emerging markets and developing economies

Fišera, Boris; Horváth, Roman; Melecký, Martin - 2019

This paper examines the effect of Basel III implementation on the access to finance of small and medium-size enterprises in 32 emerging markets and developing economies. Analyzing rich, repeated cross-sectional data and a panel of matched firm-bank data in a difference-in-differences setting...

Persistent link: https://www.econbiz.de/10012167938

Free riding in loan approvals : evidence from SME lending in Peru

Arraiz, Irani; Bruhn, Miriam; Roth, Benjamin N.; … - 2019

This paper provides evidence that commercial lenders in Peru free ride off their peers' screening efforts. Leveraging a discontinuity in the loan approval process of a large bank, the study finds that competing lenders responded to additional loan approvals by issuing approvals of their own....

Persistent link: https://www.econbiz.de/10012167970

Micro-equity for microenterprises

De Mel, Suresh; McKenzie, David J.; Woodruff, Christopher - 2019

principle, equity offers several advantages over debt when financing investments of this nature, but the use of equity in … the entrepreneur and the investor, resulting in a continuum of contracts ranging from a debt-like contract that shifts …

Persistent link: https://www.econbiz.de/10012008321

Capital inflows, equity issuance activity, and corporate investment

Calomiris, Charles W.; Larraín, Mauricio; Schmukler, … - 2018

This paper uses issuance-level data to study how equity capital inflows that enter emerging market economies affect equity issuance and corporate investment. It shows that foreign inflows are strongly correlated with country-level issuance. The relation reflects the behavior of large issuers...

Persistent link: https://www.econbiz.de/10011850532