Financial Reforms, Financial Openness, and Corporate Borrowing: International Evidence
We study how credit market deregulation and increased international financial openness have changed corporate borrowing. The evidence comes from a large panel of publicly traded firms in 38 countries over the period 1994-2002. Reforms are measured with a comprehensive new index that tracks six separ...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2007
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 07/186 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | We study how credit market deregulation and increased international financial openness have changed corporate borrowing. The evidence comes from a large panel of publicly traded firms in 38 countries over the period 1994-2002. Reforms are measured with a comprehensive new index that tracks six separate dimensions. We find that these transformations have increased leverage and lengthened debt maturity in advanced economies, as expected, suggesting that in these countries corporate credit markets have become deeper. In emerging economies, the picture is more mixed: more international openness has led to more leverage but shorter debt maturity. Financial sector reforms have reduced leverage, while their effects on debt maturity have differed depending on the type of reform. Importantly, the differential impact of openness and reforms on the leverage and debt maturity of firms in advanced and emerging market countries also emerges when we distinguish between firms that are potentially financially constrained and firms that are not. These findings suggest that in emerging economies fundamental institutional weaknesses make it difficult to secure the benefits of international financial openness and domestic financial reforms |
| Beschreibung: | 1 Online-Ressource (47 p) |
| ISBN: | 1451867506 9781451867503 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:24Z |
| indexdate | 2024-07-10T09:35:33Z |
| institution | BVB |
| isbn | 1451867506 9781451867503 |
| language | English |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Detragiache, Enrica Verfasser aut Financial Reforms, Financial Openness, and Corporate Borrowing International Evidence Detragiache, Enrica Washington, D.C International Monetary Fund 2007 1 Online-Ressource (47 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 07/186 We study how credit market deregulation and increased international financial openness have changed corporate borrowing. The evidence comes from a large panel of publicly traded firms in 38 countries over the period 1994-2002. Reforms are measured with a comprehensive new index that tracks six separate dimensions. We find that these transformations have increased leverage and lengthened debt maturity in advanced economies, as expected, suggesting that in these countries corporate credit markets have become deeper. In emerging economies, the picture is more mixed: more international openness has led to more leverage but shorter debt maturity. Financial sector reforms have reduced leverage, while their effects on debt maturity have differed depending on the type of reform. Importantly, the differential impact of openness and reforms on the leverage and debt maturity of firms in advanced and emerging market countries also emerges when we distinguish between firms that are potentially financially constrained and firms that are not. These findings suggest that in emerging economies fundamental institutional weaknesses make it difficult to secure the benefits of international financial openness and domestic financial reforms Online-Ausg Agca, Senay Sonstige oth De Nicoló, Gianni Sonstige oth http://elibrary.imf.org/view/IMF001/08630-9781451867503/08630-9781451867503/08630-9781451867503.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Detragiache, Enrica Financial Reforms, Financial Openness, and Corporate Borrowing International Evidence |
| title | Financial Reforms, Financial Openness, and Corporate Borrowing International Evidence |
| title_auth | Financial Reforms, Financial Openness, and Corporate Borrowing International Evidence |
| title_exact_search | Financial Reforms, Financial Openness, and Corporate Borrowing International Evidence |
| title_exact_search_txtP | Financial Reforms, Financial Openness, and Corporate Borrowing International Evidence |
| title_full | Financial Reforms, Financial Openness, and Corporate Borrowing International Evidence Detragiache, Enrica |
| title_fullStr | Financial Reforms, Financial Openness, and Corporate Borrowing International Evidence Detragiache, Enrica |
| title_full_unstemmed | Financial Reforms, Financial Openness, and Corporate Borrowing International Evidence Detragiache, Enrica |
| title_short | Financial Reforms, Financial Openness, and Corporate Borrowing |
| title_sort | financial reforms financial openness and corporate borrowing international evidence |
| title_sub | International Evidence |
| url | http://elibrary.imf.org/view/IMF001/08630-9781451867503/08630-9781451867503/08630-9781451867503.xml |
| work_keys_str_mv | AT detragiacheenrica financialreformsfinancialopennessandcorporateborrowinginternationalevidence AT agcasenay financialreformsfinancialopennessandcorporateborrowinginternationalevidence AT denicologianni financialreformsfinancialopennessandcorporateborrowinginternationalevidence |