Globalization and Firms' Financing Choices Evidence from Emerging Economies
Globalization and Firms' Financing Choices: Evidence from Emerging Economies

April 2000 - Debt-equity ratios do not tend to increase after financial liberalization, but there is a shift from long-term to short-term debt. Globalization has uneven effects for firms with and without access to international capital markets. Countries with deeper domestic financial markets are le...

Ausführliche Beschreibung

Gespeichert in:
Bibliographische Detailangaben
1. Verfasser: Schmukler, Sergio (VerfasserIn)
Format: Elektronisch E-Book
Sprache:English
Veröffentlicht: Washington, D.C The World Bank 1999
Schlagworte:
Globalisierung
Banks and Banking Reform
Bond
Bond Markets
Debt
Debt Markets
Debt Maturity
Debt-Equity
Economic Development
Emerging Economies
Emerging Markets
Equity
Finance and Financial Sector Development
Financial Liberalization
Financial Markets
Financial Structure
Financial Systems
Globalization
International Bond
International Financial Markets
International Markets
Maturity Structure
Private Sector Development
Share
World Financial Markets
Online-Zugang:DE-522
DE-12
DE-521
DE-1102
DE-1046
DE-1047
DE-858
DE-Aug4
DE-573
DE-M347
DE-92
DE-1051
DE-898
DE-859
DE-860
DE-1049
DE-863
DE-862
DE-523
DE-2070s
DE-M352
DE-Re13
DE-70
DE-128
DE-22
DE-155
DE-150
DE-91
DE-384
DE-473
DE-19
DE-355
DE-703
DE-20
DE-706
DE-29
DE-739
Volltext
Zusammenfassung:April 2000 - Debt-equity ratios do not tend to increase after financial liberalization, but there is a shift from long-term to short-term debt. Globalization has uneven effects for firms with and without access to international capital markets. Countries with deeper domestic financial markets are less affected by financial liberalization. Schmukler and Vesperoni 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. This paper - a product of Macroeconomics and Growth, Development Reseach Group - is part of a larger effort in the group to understand financial development and financial integration. The authors may be contacted at sschmukler@worldbank.org or vesperon@wam.umd.edu
Beschreibung:Weitere Ausgabe: Schmukler, Sergio: Globalization and Firms' Financing Choices
Beschreibung:1 Online-Ressource (1 online resource (74 p.))
Login für die Nachverfolgung von Bestellungen und Vormerkungen
Volltext öffnen

Ähnliche Einträge