000			03240cam a22003857 4500
001			w23407
003			NBER
005			20211020104923.0
006			m o d
007			cr cnu||||||||
008			210910s2017 mau fo 000 0 eng d
100	1		_aAlfaro, Laura. _94710
245	1	0	_aLessons Unlearned? Corporate Debt in Emerging Markets / _cLaura Alfaro, Gonzalo Asis, Anusha Chari, Ugo Panizza.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2017.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w23407
500			_aMay 2017.
520	3		_aThis paper documents a set of new stylized facts about leverage and financial fragility for emerging market firms following the Global Financial Crisis (GFC). Corporate debt vulnerability indicators during the Asian Financial Crisis (AFC) attributed to corporate financial roots provide a benchmark for comparison. Firm-level data show that post-GFC, emerging market corporate balance sheet indicators have not deteriorated to AFC crisis-country levels. However, more countries are close to or in the "vulnerable" range of Altman's Z-score, and average leverage for the entire emerging market sample is higher in the post-GFC period than during the AFC. Regression estimates suggest that the relationship between leverage, exchange rate depreciations, and corporate financial distress is time varying. Also, a central finding is that firm size is correlated with corporate distress and, further, that currency depreciations amplify the impact of leverage on financial vulnerability for large firms during a crisis. Consistent with Gabaix (2011) the paper finds a granularity effect in that large firms are systemically important--idiosyncratic shocks to the sales growth of large firms significantly correlate with GDP growth in our emerging markets sample. Relatedly, the sales growth of large firms with higher leverage is more adversely impacted by exchange rate shocks. While this result holds for the average country in our sample, there is substantial cross-country heterogeneity.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aF34 - International Lending and Debt Problems _2Journal of Economic Literature class.
690		7	_aG01 - Financial Crises _2Journal of Economic Literature class.
690		7	_aG15 - International Financial Markets _2Journal of Economic Literature class.
690		7	_aG32 - Financing Policy • Financial Risk and Risk Management • Capital and Ownership Structure • Value of Firms • Goodwill _2Journal of Economic Literature class.
700	1		_aAsis, Gonzalo.
700	1		_aChari, Anusha. _97823
700	1		_aPanizza, Ugo. _918129
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w23407.
856	4	0	_uhttps://www.nber.org/papers/w23407
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w23407
942			_2ddc _cW-PAPER
999			_c324715 _d283277