Globalization and firms' financing choices
evidence from emerging economies
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Author
Contributions
- Vesperoni, Esteban. - Contributor
- International Monetary Fund. Western Hemisphere Dept. - Contributor
Publication
2001 - International Monetary Fund, Washington, D.C, District of Columbia
Language
English
Word Count
6,250 words, Guess
Page Count
25 pages
Identifiers
- Better World Books9781451851823
- Better World Books9781451897661
- Better World Books9781452793634
- Open LibraryOL19408310M
Classifications
- LCCHG4523
Description
This paper studies the relation between firm's financing choices and financial globalization. Using an East Asian and Latin American firm-level panel for the 1980s and 1990s, we study how leverage ratios, debt maturity structure, and sources of financing change when economies are liberalized and when firms access captial markets. We find that debt-equity rations do not increase after financial liberalization. However, domestic firms that actually participate in international capital markets extend their debt maturity. Financial liberalization has less effects on firms from countries with more developed domestic financial systems. Leverage ratios increase during crises.
Subjects
Topics
Places
Series Statement
- IMF working paper -- WP/01/95
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