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We provide evidence on leverage and debt maturity targeting in a large international setting. There are key differences … institutions target lower leverage and higher long-term debt, whereas better-functioning financial systems result in lower target … leverage and long-term debt. Financial crisis has shifted the desired structure of the securities toward shorter maturities and …
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This paper studies how crises prompted firms to switch borrowing across markets, impacting the amount borrowed, maturity, and currency denomination at the firm and aggregate levels. Using data on worldwide debt issuance from advanced and emerging economies, the paper shows that firms shifted...
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