Similar Search Results

Crossing the credit channel : credit spreads and firm heterogeneity

Anderson, Gareth; Cesa-Bianchi, Ambrogio - 2020

Credit spreads rise after a monetary policy tightening, yet spread reactions are heterogeneous across firms. Exploiting … with high leverage experience a more pronounced increase in credit spreads than firms with low leverage. A large fraction … of this increase is due to a component of credit spreads that is in excess of firms' expected default. Our results …

Persistent link: https://www.econbiz.de/10012485947

Shocks matter : managing capital flows with multiple instruments in emerging economies

Lama C., Ruy; Medina, Juan Pablo - 2020

We study the optimal management of capital flows in a small open economy model with financial frictions and multiple policy instruments. The paper reports two main findings. First, both foreign exchange intervention (FXI) and macroprudential polices are tools complementary to the monetary policy...

Persistent link: https://www.econbiz.de/10012252000

Corporate financing trends and balance sheet risks in Latin America : taking stock of “The Bon(d)anza”

Bastos, Fabiano Rodrigues; Kamil, Herman; Sutton, Bennett - 2015

Persistent link: https://www.econbiz.de/10011282722

Cross-Border Investment in Small International Financial Centers

Lane, Philip R. - 2010

This note documents and assesses the role of small financial centers in the international financial system using a newly-assembled dataset. It presents estimates of the foreign asset and liability positions for a number of the most important small financial centers, and places these into context...

Persistent link: https://www.econbiz.de/10014404336

What slice of the pie? : the corporate bond market boom in emerging economies

Ayala, Diana; Nedeljkovic, Milan; Saborowski, Christian - 2015

This paper studies the determinants of shifts in debt composition among EM non-financial corporates. We show that institutions and macro fundamentals create an enabling environment for bond market development. During the recent boom episode, however, global cyclical factors accounted for most of...

Persistent link: https://www.econbiz.de/10011374774

The Determinants of Corporate Risk in Emerging Markets : An Option-Adjusted Spread Analysis

Cavallo, Eduardo A. - 2007

This study explores the determinants of corporate bond spreads in emerging markets economies. Using a largely unexploited dataset, the paper finds that corporate bond spreads are determined by firm-specific variables, bond characteristics, macroeconomic conditions, sovereign risk, and global...

Persistent link: https://www.econbiz.de/10014400568

An Anatomy of Corporate Bond Markets : Growing Pains and Knowledge Gains

Luengnaruemitchai, Pipat - 2005

mature and emerging markets. We suggest that core aspects such as benchmarking, corporate governance and disclosure, credit …

Persistent link: https://www.econbiz.de/10014400842

Fixed-Income Markets in the United States, Europe, and Japan : Some Lessons for Emerging Markets

Schinasi, Garry J. - 1998

This paper identifies factors that contributed to the development and effectiveness of debt securities markets in the major advanced economies. Government securities markets have benefited from their international orientation—debt management is most effective when it is independent of monetary...

Persistent link: https://www.econbiz.de/10014403369

International Pricing of Emerging Market Corporate Debt : Does the Corporate Matter?

Keller, Sonja - 2010

firms or significant agency problems prevent firm-level credit discrimination by international investors. The firm …

Persistent link: https://www.econbiz.de/10014404328

On the use of Monetary and Macroprudential Policies for Small Open Economies

Ozkan, F. Gulcin - 2014

measures exist, there are no significant welfare gains from monetary policy reacting to credit growth under a financial shock …

Persistent link: https://www.econbiz.de/10014411396