05392oam 22013094 450 991016294420332120250426110923.09781475560497147556049497814755690941475569092(CKB)3710000001045032(MiAaPQ)EBC4800280(IMF)WPIEA2016243WPIEA2016243(EXLCZ)99371000000104503220020129d2016 uf 0engurcnu||||||||rdacontentrdamediardacarrierEmerging Market Corporate Leverage and Global Financial Conditions /Adrian Alter, Selim ElekdagWashington, D.C. :International Monetary Fund,2016.1 online resource (50 pages) illustrations (some color), graphs, tablesIMF Working Papers9781475560480 1475560486 Includes bibliographical references.Corporate debt in emerging markets has risen significantly in recent years amid accommodative global financial conditions. This paper studies the relationship of leverage growth in emerging market (EM) firms to U.S. monetary conditions, and more broadly, to global financial conditions. We find that accommodative U.S. monetary conditions are reliably associated with faster EM leverage growth during the past decade. Specifically, a 1 percentage point decline in the U.S. policy rate corresponds to an appreciable increase in EM leverage growth of 9 basis points, on average (relative to the sample average leverage growth of 35 basis points per year). This impact is more pronounced for sectors dependent on external financing, for SMEs, and for firms in more financially open EMs with less flexible exchange rates. The findings suggest that global financial conditions affect EM firms’ leverage growth in part by influencing domestic interest rates and by relaxing corporate borrowing constraints.IMF Working Papers; Working Paper ;No. 2016/243Corporate debtCorporate FinanceimfExports and ImportsimfFinance: GeneralimfForeign ExchangeimfBanks and BankingimfInternational InvestmentimfLong-term Capital MovementsimfCurrent Account AdjustmentimfShort-term Capital MovementsimfFinancing PolicyimfFinancial Risk and Risk ManagementimfCapital and Ownership StructureimfValue of FirmsimfGoodwillimfFinancial Markets and the MacroeconomyimfCorporate Finance and Governance: GeneralimfInterest Rates: Determination, Term Structure, and EffectsimfCurrencyimfForeign exchangeimfInternational economicsimfFinanceimfOwnership & organization of enterprisesimfBankingimfExchange rate arrangementsimfExchange rate flexibilityimfCapital accountimfFinancial sector developmentimfSmall and medium enterprisesimfBalance of paymentsimfFinancial marketsimfCentral bank policy rateimfFinancial servicesimfFinancial services industryimfSmall businessimfInterest ratesimfUnited StatesimfCorporate debt.Corporate FinanceExports and ImportsFinance: GeneralForeign ExchangeBanks and BankingInternational InvestmentLong-term Capital MovementsCurrent Account AdjustmentShort-term Capital MovementsFinancing PolicyFinancial Risk and Risk ManagementCapital and Ownership StructureValue of FirmsGoodwillFinancial Markets and the MacroeconomyCorporate Finance and Governance: GeneralInterest Rates: Determination, Term Structure, and EffectsCurrencyForeign exchangeInternational economicsFinanceOwnership & organization of enterprisesBankingExchange rate arrangementsExchange rate flexibilityCapital accountFinancial sector developmentSmall and medium enterprisesBalance of paymentsFinancial marketsCentral bank policy rateFinancial servicesFinancial services industrySmall businessInterest rates658.1526Alter Adrian1378324Elekdag Selim1104193DcWaIMFBOOK9910162944203321Emerging Market Corporate Leverage and Global Financial Conditions3654632UNINA