Macro-financial implications of corporate (de)leveraging in the Euro area periphery:
High corporate indebtedness can pose an important threat to the adjustment processes in some of the Euro area periphery countries, through its drag on investment as well as the possible migration of private sector losses to the sovereign balance sheet. This paper examines the macroeconomic implicati...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, DC
IMF
2013
|
| Schriftenreihe: | IMF working paper
13/154 |
| Schlagworte: | |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | High corporate indebtedness can pose an important threat to the adjustment processes in some of the Euro area periphery countries, through its drag on investment as well as the possible migration of private sector losses to the sovereign balance sheet. This paper examines the macroeconomic implications of corporate debt overhang in recent years, confirming empirical evidence in the literature on the relationship between a firm's balance sheet position and its investment choices, especially beyond certain threshold levels. Building on an event study of past crisis experiences with corporate deleveraging, it also discusses the expected macro-financial impact of the ongoing deleveraging processes in these countries, presenting available policy options to facilitate an orderly balance-sheet adjustment and support a return to productivity and growth |
| Beschreibung: | Description based upon print version of record |
| Beschreibung: | 1 Online-Ressource (23 Seiten) graph. Darst |
| Format: | Systemvoraussetzungen: Acrobat Reader |
| ISBN: | 9781475577563 |
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| 245 | 1 | 0 | |a Macro-financial implications of corporate (de)leveraging in the Euro area periphery |c Manuela Goretti and Marcos Souto |
| 264 | 1 | |a Washington, DC |b IMF |c 2013 | |
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| 505 | 8 | |a Cover; Abstract; Contents; I. Introduction; II. Testing the Relationship Between Corporate Debt Overhang and Investment; III. Corporate Deleveraging in Perspective: An Event Study of Past Crisis Cases; IV. Policy Implications; V. Concluding Remarks; Figures; Figure 1. EA Periphery: Evolution of Non-Financial Corporations Balance Sheets; Figure 2. Corporate Vulnerability Indicators; Figure 3. Corporate Balance Sheet Adjustment in Past Crisis Episodes; Figure 4. Macro-Economic Developments in Past Crisis Episodes; References | |
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Datensatz im Suchindex
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| author | Goretti, Manuela 1979- Souto, Marcos Rietti |
| author_GND | (DE-588)131886258 (DE-588)140235191 |
| author_facet | Goretti, Manuela 1979- Souto, Marcos Rietti |
| author_role | aut aut |
| author_sort | Goretti, Manuela 1979- |
| author_variant | m g mg m r s mr mrs |
| building | Verbundindex |
| bvnumber | BV048341464 |
| collection | ZDB-1-IMF |
| contents | Cover; Abstract; Contents; I. Introduction; II. Testing the Relationship Between Corporate Debt Overhang and Investment; III. Corporate Deleveraging in Perspective: An Event Study of Past Crisis Cases; IV. Policy Implications; V. Concluding Remarks; Figures; Figure 1. EA Periphery: Evolution of Non-Financial Corporations Balance Sheets; Figure 2. Corporate Vulnerability Indicators; Figure 3. Corporate Balance Sheet Adjustment in Past Crisis Episodes; Figure 4. Macro-Economic Developments in Past Crisis Episodes; References |
| ctrlnum | (ZDB-1-IMF)768413281 (OCoLC)854839018 (DE-599)GBV768413281 |
| format | Electronic eBook |
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| id | DE-604.BV048341464 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:13Z |
| indexdate | 2024-07-10T09:35:20Z |
| institution | BVB |
| isbn | 9781475577563 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033720731 |
| oclc_num | 854839018 |
| open_access_boolean | |
| owner | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
| owner_facet | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
| physical | 1 Online-Ressource (23 Seiten) graph. Darst |
| psigel | ZDB-1-IMF |
| publishDate | 2013 |
| publishDateSearch | 2013 |
| publishDateSort | 2013 |
| publisher | IMF |
| record_format | marc |
| series2 | IMF working paper |
| spelling | Goretti, Manuela 1979- Verfasser (DE-588)131886258 aut Macro-financial implications of corporate (de)leveraging in the Euro area periphery Manuela Goretti and Marcos Souto Washington, DC IMF 2013 1 Online-Ressource (23 Seiten) graph. Darst txt rdacontent c rdamedia cr rdacarrier IMF working paper 13/154 Description based upon print version of record Cover; Abstract; Contents; I. Introduction; II. Testing the Relationship Between Corporate Debt Overhang and Investment; III. Corporate Deleveraging in Perspective: An Event Study of Past Crisis Cases; IV. Policy Implications; V. Concluding Remarks; Figures; Figure 1. EA Periphery: Evolution of Non-Financial Corporations Balance Sheets; Figure 2. Corporate Vulnerability Indicators; Figure 3. Corporate Balance Sheet Adjustment in Past Crisis Episodes; Figure 4. Macro-Economic Developments in Past Crisis Episodes; References High corporate indebtedness can pose an important threat to the adjustment processes in some of the Euro area periphery countries, through its drag on investment as well as the possible migration of private sector losses to the sovereign balance sheet. This paper examines the macroeconomic implications of corporate debt overhang in recent years, confirming empirical evidence in the literature on the relationship between a firm's balance sheet position and its investment choices, especially beyond certain threshold levels. Building on an event study of past crisis experiences with corporate deleveraging, it also discusses the expected macro-financial impact of the ongoing deleveraging processes in these countries, presenting available policy options to facilitate an orderly balance-sheet adjustment and support a return to productivity and growth Systemvoraussetzungen: Acrobat Reader Corporations / Europe / Finance Debts, External / Europe Electronic books Souto, Marcos Rietti Verfasser (DE-588)140235191 aut http://elibrary.imf.org/view/IMF001/20624-9781475577563/20624-9781475577563/20624-9781475577563.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Goretti, Manuela 1979- Souto, Marcos Rietti Macro-financial implications of corporate (de)leveraging in the Euro area periphery Cover; Abstract; Contents; I. Introduction; II. Testing the Relationship Between Corporate Debt Overhang and Investment; III. Corporate Deleveraging in Perspective: An Event Study of Past Crisis Cases; IV. Policy Implications; V. Concluding Remarks; Figures; Figure 1. EA Periphery: Evolution of Non-Financial Corporations Balance Sheets; Figure 2. Corporate Vulnerability Indicators; Figure 3. Corporate Balance Sheet Adjustment in Past Crisis Episodes; Figure 4. Macro-Economic Developments in Past Crisis Episodes; References |
| title | Macro-financial implications of corporate (de)leveraging in the Euro area periphery |
| title_auth | Macro-financial implications of corporate (de)leveraging in the Euro area periphery |
| title_exact_search | Macro-financial implications of corporate (de)leveraging in the Euro area periphery |
| title_exact_search_txtP | Macro-financial implications of corporate (de)leveraging in the Euro area periphery |
| title_full | Macro-financial implications of corporate (de)leveraging in the Euro area periphery Manuela Goretti and Marcos Souto |
| title_fullStr | Macro-financial implications of corporate (de)leveraging in the Euro area periphery Manuela Goretti and Marcos Souto |
| title_full_unstemmed | Macro-financial implications of corporate (de)leveraging in the Euro area periphery Manuela Goretti and Marcos Souto |
| title_short | Macro-financial implications of corporate (de)leveraging in the Euro area periphery |
| title_sort | macro financial implications of corporate de leveraging in the euro area periphery |
| url | http://elibrary.imf.org/view/IMF001/20624-9781475577563/20624-9781475577563/20624-9781475577563.xml |
| work_keys_str_mv | AT gorettimanuela macrofinancialimplicationsofcorporatedeleveragingintheeuroareaperiphery AT soutomarcosrietti macrofinancialimplicationsofcorporatedeleveragingintheeuroareaperiphery |