Top down spillovers of sovereign default risk can have serious consequences for the private sector in emerging markets. This paper analyzes the effects of these spillovers using firm-level data from 31 emerging market economies. We assess how sovereign risk affects corporate access to...

This paper analyses the links between the investment strategies of a commodity-based SWF and the macroeconomic framework of the owner country. We examine some basic macrofinancial linkages of an SWF's strategic asset allocation (SAA) strategies with regard to the government budget, monetary...

Through this paper we will analyze how the firms in Romania and in the European Union are self-financed. We will make an analyze of the market in European Union in order to determine the number of firms that use in a higher proportion the internal financing, giving up other sources of funding....

Since the beginning of the developing-country debt crisi in mid-1982, economists have puzzled iver its origins. Why did market forces not dater creditors from lending and debtors from borrowing so very much more than could, in retrospect, be repaid? Moreover, once the crisis was under way, why...

Newly released data on corporate governance and disclosure practices reveal wide within-country variation, with the variation increasing as legal environment gets less investor friendly. This paper examines why firms practice high-quality governance when law does not require it; firm attributes...

In this paper we make explicit the relationship that exists between a set of structural reforms –as those undertaken in Argentina at the beginnings of the nineties- and the growth process that they generate. It is argued that such reforms, and particularly those related to the external sector,...

Still today Cameroon is suffering from a shy landscape of entrepreneurship and a private sector constituted at 90% by SMEs confronted to a lack of funding; The situation tends to increase with the advent of financial crisis. It is in this framework that this study tries to make an identification...

In this paper we study how the introduction of the euro has affected corporate financing in Europe. We use firm level data from eleven euro-countries as well as from a control group of five other European countries spanning the years 1991-2006. We show that firms from euro-countries that...

Purpose – The main purpose of this paper is to empirically examine how firm-specific (idiosyncratic) and macroeconomic risks affect the external financing decisions of UK manufacturing firms. The paper also explores the effect of both types of risk on firms' debt versus equity choices....