Corporate Financial Structure and Financial Stability

Corporate Financial Structure and Financial Stability

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This paper uses flow-of-funds and balance sheet data to analyze the impact of financial crises on corporate financing and GDP in a range of countries. Post-crisis GDP contractions are mainly accounted for by declines in investment and inventory and are more severe for emerging market countries. Post-crisis investment and inventory declines are correlated with the corporate debtequity ratio. Although companies in emerging market countries hold more liquidity, this is not sufficient to prevent a greater response of expenditures to shocks. Industrial countries appear to benefit from an offsetting increase in bond issuance.We also attempted to estimate the equation with the flow variables total external finance to GDP and bank lending to GDP, but neither they themselves nor their interactions with the dummies were significant. Inventory accumulation Next, weanbsp;...


Title:Corporate Financial Structure and Financial Stability
Author: E. P. Davis, Mark R. Stone
Publisher:International Monetary Fund - 2004-07-01
ISBN-13:

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