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...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
1999
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| Schlagworte: | |
| Online-Zugang: | BSB01 EUV01 HTW01 FHI01 IOS01 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: | 1 Online-Ressource (74 Seiten)) |
Internformat
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Datensatz im Suchindex
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| spelling | Schmukler, Sergio Verfasser aut Globalization and Firms' Financing Choices Evidence from Emerging Economies Schmukler, Sergio Washington, D.C The World Bank 1999 1 Online-Ressource (74 Seiten)) txt rdacontent c rdamedia cr rdacarrier 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 Online-Ausg 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 Vesperoni, Esteban Sonstige oth Schmukler, Sergio Sonstige oth Schmukler, Sergio Globalization and Firms' Financing Choices http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2323 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Schmukler, Sergio Globalization and Firms' Financing Choices Evidence from Emerging Economies 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 |
| title | Globalization and Firms' Financing Choices Evidence from Emerging Economies |
| title_auth | Globalization and Firms' Financing Choices Evidence from Emerging Economies |
| title_exact_search | Globalization and Firms' Financing Choices Evidence from Emerging Economies |
| title_exact_search_txtP | Globalization and Firms' Financing Choices Evidence from Emerging Economies |
| title_full | Globalization and Firms' Financing Choices Evidence from Emerging Economies Schmukler, Sergio |
| title_fullStr | Globalization and Firms' Financing Choices Evidence from Emerging Economies Schmukler, Sergio |
| title_full_unstemmed | Globalization and Firms' Financing Choices Evidence from Emerging Economies Schmukler, Sergio |
| title_short | Globalization and Firms' Financing Choices |
| title_sort | globalization and firms financing choices evidence from emerging economies |
| title_sub | Evidence from Emerging Economies |
| topic | 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 |
| topic_facet | 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 |
| url | http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2323 |
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