LEADER 05392oam 22013094 450 001 9910162944203321 005 20250426110923.0 010 $a9781475560497 010 $a1475560494 010 $a9781475569094 010 $a1475569092 035 $a(CKB)3710000001045032 035 $a(MiAaPQ)EBC4800280 035 $a(IMF)WPIEA2016243 035 $aWPIEA2016243 035 $a(EXLCZ)993710000001045032 100 $a20020129d2016 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $2rdacontent 182 $2rdamedia 183 $2rdacarrier 200 10$aEmerging Market Corporate Leverage and Global Financial Conditions /$fAdrian Alter, Selim Elekdag 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2016. 215 $a1 online resource (50 pages) $cillustrations (some color), graphs, tables 225 1 $aIMF Working Papers 311 08$a9781475560480 311 08$a1475560486 320 $aIncludes bibliographical references. 330 3 $aCorporate debt in emerging markets has risen significantly in recent years amid accommodative global financial conditions. This paper studies the relationship of leverage growth in emerging market (EM) firms to U.S. monetary conditions, and more broadly, to global financial conditions. We find that accommodative U.S. monetary conditions are reliably associated with faster EM leverage growth during the past decade. Specifically, a 1 percentage point decline in the U.S. policy rate corresponds to an appreciable increase in EM leverage growth of 9 basis points, on average (relative to the sample average leverage growth of 35 basis points per year). This impact is more pronounced for sectors dependent on external financing, for SMEs, and for firms in more financially open EMs with less flexible exchange rates. The findings suggest that global financial conditions affect EM firms? leverage growth in part by influencing domestic interest rates and by relaxing corporate borrowing constraints. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2016/243 606 $aCorporate debt 606 $aCorporate Finance$2imf 606 $aExports and Imports$2imf 606 $aFinance: General$2imf 606 $aForeign Exchange$2imf 606 $aBanks and Banking$2imf 606 $aInternational Investment$2imf 606 $aLong-term Capital Movements$2imf 606 $aCurrent Account Adjustment$2imf 606 $aShort-term Capital Movements$2imf 606 $aFinancing Policy$2imf 606 $aFinancial Risk and Risk Management$2imf 606 $aCapital and Ownership Structure$2imf 606 $aValue of Firms$2imf 606 $aGoodwill$2imf 606 $aFinancial Markets and the Macroeconomy$2imf 606 $aCorporate Finance and Governance: General$2imf 606 $aInterest Rates: Determination, Term Structure, and Effects$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aInternational economics$2imf 606 $aFinance$2imf 606 $aOwnership & organization of enterprises$2imf 606 $aBanking$2imf 606 $aExchange rate arrangements$2imf 606 $aExchange rate flexibility$2imf 606 $aCapital account$2imf 606 $aFinancial sector development$2imf 606 $aSmall and medium enterprises$2imf 606 $aBalance of payments$2imf 606 $aFinancial markets$2imf 606 $aCentral bank policy rate$2imf 606 $aFinancial services$2imf 606 $aFinancial services industry$2imf 606 $aSmall business$2imf 606 $aInterest rates$2imf 607 $aUnited States$2imf 615 0$aCorporate debt. 615 7$aCorporate Finance 615 7$aExports and Imports 615 7$aFinance: General 615 7$aForeign Exchange 615 7$aBanks and Banking 615 7$aInternational Investment 615 7$aLong-term Capital Movements 615 7$aCurrent Account Adjustment 615 7$aShort-term Capital Movements 615 7$aFinancing Policy 615 7$aFinancial Risk and Risk Management 615 7$aCapital and Ownership Structure 615 7$aValue of Firms 615 7$aGoodwill 615 7$aFinancial Markets and the Macroeconomy 615 7$aCorporate Finance and Governance: General 615 7$aInterest Rates: Determination, Term Structure, and Effects 615 7$aCurrency 615 7$aForeign exchange 615 7$aInternational economics 615 7$aFinance 615 7$aOwnership & organization of enterprises 615 7$aBanking 615 7$aExchange rate arrangements 615 7$aExchange rate flexibility 615 7$aCapital account 615 7$aFinancial sector development 615 7$aSmall and medium enterprises 615 7$aBalance of payments 615 7$aFinancial markets 615 7$aCentral bank policy rate 615 7$aFinancial services 615 7$aFinancial services industry 615 7$aSmall business 615 7$aInterest rates 676 $a658.1526 700 $aAlter$b Adrian$01378324 701 $aElekdag$b Selim$01104193 801 0$bDcWaIMF 906 $aBOOK 912 $a9910162944203321 996 $aEmerging Market Corporate Leverage and Global Financial Conditions$93654632 997 $aUNINA