Micro industrial firm panel data on short-term and long-term borrowing (term debt structure) for annual and quarterly time periods over the years 1995-2008 are used to test an insulation hypothesis and a related volatility hypothesis. The former test uses a regression model relating the ratio of...

This paper evaluates and compares the effects of conventional and unconventional monetarypolicies on the corporate debt structure in the United States. It does so by using a vectorautoregression in which policy shocks are identified through high-frequency external instruments.Our results show...

Corporate debt in emerging markets has risen significantly in recent years amid accommodative global financial conditions. This paper studies the relationship of leverage growth in emerging market (EM) firms to U.S. monetary conditions, and more broadly, to global financial conditions. We find...