affiliate's debt to assets ratio by 0.8%, which shows that rules targeting internal leverage have an indirect effect on the …This paper examines the impact of thin capitalization rules that limit the tax deductibility of interest on the capital … countries for the period 1982-2004. Using confidential data on the internal and total leverage of foreign affiliates of US …

period 1940–2014, we document the following evidence that corporate debt plays a key role in explaining boom-bust cycles …, financial crises, and slow macroeconomic recoveries: (i) corporate debt accounts for two thirds of the aggregate credit … expansion before crises and three quarters of total nonperforming loans during the bust; (ii) expansions in corporate debt …

affiliate’s debt-to-assets ratio by 0.8%, which shows that rules targeting internal leverage have an indirect effect on the …This paper examines the impact of thin capitalization rules that limit the tax deductibility of interest on the capital … countries for the period 1982-2004. Using confidential data on the internal and total leverage of foreign affiliates of US …