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Globalization and Firms' Financing Choices: Evidence from Emerging Economies

2001-08 Business & Economics
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Release : 2001-08
Genre : Business & Economics
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Book Synopsis Globalization and Firms' Financing Choices: Evidence from Emerging Economies by : Sergio L. Schmukler

Download or read book Globalization and Firms' Financing Choices: Evidence from Emerging Economies written by Sergio L. Schmukler. This book was released on 2001-08. Available in PDF, EPUB and Kindle. Book excerpt: 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 capital 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

Globalization and Firms' Financing Choices

2006
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Release : 2006
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Book Synopsis Globalization and Firms' Financing Choices by : Sergio L. Schmukler

Download or read book Globalization and Firms' Financing Choices written by Sergio L. Schmukler. This book was released on 2006. Available in PDF, EPUB and Kindle. Book excerpt: 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 international capital markets. We find that debt-equity ratios do not increase after financial liberalization. Debt maturity shortens for the average firm when countries undertake 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.

Globalization and Firms'Financing Choices - Evidence from Emerging Economies

2017
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Release : 2017
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Book Synopsis Globalization and Firms'Financing Choices - Evidence from Emerging Economies by : Christian Grootaert

Download or read book Globalization and Firms'Financing Choices - Evidence from Emerging Economies written by Christian Grootaert. This book was released on 2017. Available in PDF, EPUB and Kindle. Book excerpt: The authors investigate whether integration with global markets affects the financing choices of firms from East Asia and Latin America. Using firm-level data for the 1980s and 1990s, they study how leverage ratios, the structure of debt maturity, and sources of financing change when economies are liberalized and when firms gain access to international equity and bond markets. The evidence shows that integration with world financial markets has uneven effects. On the one hand, debt maturity for the average firm shortens when countries undertake financial liberalization. On the other hand, domestic firms that actually participate in international markets, get better financing opportunities, and extend their debt maturity. Moreover, firms in economies with deeper domestic financial systems are affected less by financial liberalization. Finally, they show that leverage ratios increase during times of crisis. In an appendix, they analyze the previously unstudied case of Argentina, which experienced sharp financial liberalization, and was hit hard by all recent global crises.

Globalization and Firms's Financing Choices

2001
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Release : 2001
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Book Synopsis Globalization and Firms's Financing Choices by : Sergio Schmukler

Download or read book Globalization and Firms's Financing Choices written by Sergio Schmukler. This book was released on 2001. Available in PDF, EPUB and Kindle. Book excerpt:

Emerging Capital Markets and Globalization

2006-10-20 Business & Economics
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Release : 2006-10-20
Genre : Business & Economics
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Book Rating : 444/5 ( reviews)

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Book Synopsis Emerging Capital Markets and Globalization by : Augusto de la Torre

Download or read book Emerging Capital Markets and Globalization written by Augusto de la Torre. This book was released on 2006-10-20. Available in PDF, EPUB and Kindle. Book excerpt: Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, particularly in Latin America. Unfortunately, they are now faced with disheartening results. Stock and bond markets remain illiquid and segmented. Debt is concentrated at the short end of the maturity spectrum and denominated in foreign currency, exposing countries to maturity and currency risk. Capital markets in Latin America look particularly underdeveloped when considering the many efforts undertaken to improve the macroeconomic environment and to reform the institutions believed to foster capital market development. The disappointing performance has made conventional policy recommendations questionable, at best. 'Emerging Capital Markets and Globalization' analyzes where we stand and where we are heading on capital market development. First, it takes stock of the state and evolution of Latin American capital markets and related reforms over time and relative to other countries. Second, it analyzes the factors related to the development of capital markets, with particular interest on measuring the impact of reforms. And third, in light of this analysis, it discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda.

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