| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25459 |
| 来源ID | Working Paper 25459 |
| Corporate Debt, Firm Size and Financial Fragility in Emerging Markets | |
| Laura Alfaro; Gonzalo Asis; Anusha Chari; Ugo Panizza | |
| 发表日期 | 2019-01-21 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | The post-Global Financial Crisis period shows a surge in corporate leverage in emerging markets and a number of countries with deteriorated corporate financial fragility indicators (Altman’s Z-score). Firm size plays a critical role in the relationship between leverage, firm fragility and exchange rate movements in emerging markets. While the relationship between firm-leverage and distress scores varies over time, the relationship between firm size and corporate vulnerability is relatively time-invariant. All else equal, large firms in emerging markets are more financially vulnerable and also systemically important. Consistent with the granular origins of aggregate fluctuations in Gabaix (2011), idiosyncratic shocks to the sales growth of large firms are positively and significantly correlated with GDP growth in our emerging markets sample. Relatedly, the negative impact of exchange rate shocks has a more acute impact on the sales growth of the more highly levered large firms. |
| 主题 | International Economics ; International Finance ; Financial Economics ; Financial Markets ; Corporate Finance |
| URL | https://www.nber.org/papers/w25459 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583133 |
| 推荐引用方式 GB/T 7714 | Laura Alfaro,Gonzalo Asis,Anusha Chari,et al. Corporate Debt, Firm Size and Financial Fragility in Emerging Markets. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25459.pdf（850KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
