LEADER 05988oam 22013574 450 001 9910809632203321 005 20200520144314.0 010 $a1-58906-174-8 010 $a1-4755-1540-5 035 $a(CKB)2550000001041554 035 $a(EBL)1607102 035 $a(SSID)ssj0000943581 035 $a(PQKBManifestationID)11985109 035 $a(PQKBTitleCode)TC0000943581 035 $a(PQKBWorkID)10977222 035 $a(PQKB)10937266 035 $a(MiAaPQ)EBC1607102 035 $a(Au-PeEL)EBL1607102 035 $a(CaPaEBR)ebr10661245 035 $a(OCoLC)821931528 035 $a(IMF)WPIEE2012292 035 $a(IMF)WPIEA2012292 035 $a(EXLCZ)992550000001041554 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aSpring Forward or Fall Back? The Post-Crisis Recovery of Firms /$fLeandro Medina 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (32 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-61635-498-4 311 $a1-4755-2473-0 320 $aIncludes bibliographical references. 327 $aCover; Contents; I. Introduction; II. Empirical Strategy; A. Explanatory Variables; III. Data Description; IV. Descriptive Statistics; V. Empirical Findings; A. Nonlinear Effects of Leverage; B. Robustness Tests: Trade Sensitivity and Real Depreciation Effects; VI. Conclusion; References; Tables; 1. Country and Region Coverage; 2. Sample Coverage; 3. Summary Statistics; 4. Baseline Regression: All Countries; 5. Baseline Regression: Emerging Economies; 6. Baseline Regression: Advanced Economies; 7. Nonlinear Effects of Leverage; 8. Depreciation and Trade Effects; Figures 327 $a1. Density Distribution of Corporate Performance: 2007, 2009, and 20102. Density Distribution of Corporate Performance by Levels of Leverage: 2010; 3. Corporate Performance: 2007-2010; Appendix: Data Sources and Definitions of Variables 330 3 $aThis paper studies corporate performance in the aftermath of the global crisis by examining 6,581 manufacturing firms in 48 developed and developing countries in 2010, identifying factors of resilience as well as vulnerability. Based on a cross-sectional analysis, the results show that pre-crisis leverage and short-term debt have had negative effects on the speed of the recovery, while asset tangibility has had positive effects. The negative effect of leverage is non-linear, being particularly strong in firms with high pre-crisis leverage. Furthermore, the effects are different for advanced and emerging market economies. The paper also shows that the macroeconomic framework critically matters for firm growth. In particular, in countries that have allowed the exchange rate to depreciate, firms have had a faster recovery in sectors highly dependent on trade. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/292 606 $aGlobal Financial Crisis, 2008-2009 606 $aFinancial crises 606 $aCapacity$2imf 606 $aCapital and Ownership Structure$2imf 606 $aCapital$2imf 606 $aCorporate Finance and Governance: General$2imf 606 $aCurrency$2imf 606 $aDepreciation$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aEconomic sectors$2imf 606 $aExchange rate arrangements$2imf 606 $aExchange rates$2imf 606 $aFinancial Crises$2imf 606 $aFinancial crises$2imf 606 $aFinancial Risk and Risk Management$2imf 606 $aFinancial Risk Management$2imf 606 $aFinancing Policy$2imf 606 $aFirm Behavior: Empirical Analysis$2imf 606 $aForeign Exchange$2imf 606 $aForeign exchange$2imf 606 $aGoodwill$2imf 606 $aIndustries: Manufacturing$2imf 606 $aIndustry Studies: Manufacturing: General$2imf 606 $aIntangible Capital$2imf 606 $aInternational Finance: General$2imf 606 $aInvestment$2imf 606 $aInvestments: General$2imf 606 $aMacroeconomics$2imf 606 $aManufacturing industries$2imf 606 $aManufacturing$2imf 606 $aNational accounts$2imf 606 $aSaving and investment$2imf 606 $aValue of Firms$2imf 607 $aUnited States$2imf 615 0$aGlobal Financial Crisis, 2008-2009. 615 0$aFinancial crises. 615 7$aCapacity 615 7$aCapital and Ownership Structure 615 7$aCapital 615 7$aCorporate Finance and Governance: General 615 7$aCurrency 615 7$aDepreciation 615 7$aEconomic & financial crises & disasters 615 7$aEconomic sectors 615 7$aExchange rate arrangements 615 7$aExchange rates 615 7$aFinancial Crises 615 7$aFinancial crises 615 7$aFinancial Risk and Risk Management 615 7$aFinancial Risk Management 615 7$aFinancing Policy 615 7$aFirm Behavior: Empirical Analysis 615 7$aForeign Exchange 615 7$aForeign exchange 615 7$aGoodwill 615 7$aIndustries: Manufacturing 615 7$aIndustry Studies: Manufacturing: General 615 7$aIntangible Capital 615 7$aInternational Finance: General 615 7$aInvestment 615 7$aInvestments: General 615 7$aMacroeconomics 615 7$aManufacturing industries 615 7$aManufacturing 615 7$aNational accounts 615 7$aSaving and investment 615 7$aValue of Firms 676 $a332.1;332.1/53 700 $aMedina$b Leandro$01660045 801 0$bDcWaIMF 906 $aBOOK 912 $a9910809632203321 996 $aSpring Forward or Fall Back? The Post-Crisis Recovery of Firms$94263315 997 $aUNINA