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  1. Finance and employment in developing countries
    the working capital channel
    Published: August 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We study the effect of external financing constraint on job creation in emerging markets and developing countries (EMDC) at the firm level by looking at a specific transmission channel - the working capital channel. We develop a simple model to... more

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    We study the effect of external financing constraint on job creation in emerging markets and developing countries (EMDC) at the firm level by looking at a specific transmission channel - the working capital channel. We develop a simple model to illustrate how the need for working capital financing of a firm affects the link between financial constraint and the firm's job creation. We show that the effect of relaxing financial constraint on job creation is greater the smaller the firm scale and the more labor-intensive its production structure. We use the World Bank Enterprise Surveys data to test the main predictions of the model, and find strong evidence for the working capital channel of external finance on firm employment

     

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  2. Corporate investment and the real exchange rate
    Published: August 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We examine the relationship between real exchange rate depreciations and indicators of firm performance using data for a sample of more than 30,000 firms from 66 (advanced and emerging market) countries over the 2000-2011 period. We show that... more

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    We examine the relationship between real exchange rate depreciations and indicators of firm performance using data for a sample of more than 30,000 firms from 66 (advanced and emerging market) countries over the 2000-2011 period. We show that depreciations boost profits, investment, and sales of firms that are more financially-constrained and have higher labor shares. These findings are consistent with the view that depreciations boost internal financing opportunities by reducing real wages, thereby spurring investment. We show that these effects on firm performance are enduring, including in the market valuation of firms

     

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  3. Equity Storytelling
    Think - Tell - Sell: Mit der richtigen Story den Unternehmenswert erhöhen
    Published: 2014
    Publisher:  Springer Fachmedien Wiesbaden, Wiesbaden ; Springer International Publishing AG, Cham

    Bibliothek der Hochschule Darmstadt, Zentralbibliothek
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  4. Investition und Finanzierung
    Konzeptionelle Grundlagen für eine entscheidungsorientierte Ausbildung
    Published: 2009
    Publisher:  Springer Berlin Heidelberg, Berlin, Heidelberg ; Springer International Publishing AG, Cham

    Bibliothek der Hochschule Darmstadt, Zentralbibliothek
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    Source: Union catalogues
    Language: German
    Media type: Ebook
    Format: Online
    ISBN: 9783540783671; 3540783679
    Other identifier:
    RVK Categories: QP 700
    DDC Categories: 650
    Edition: 1st ed. 2009
    Series: BWL im Bachelor-Studiengang
    Subjects: Unternehmen; Kapitalbeschaffung; Investition; Language and languages; Finance; Stylistics; Financial Economics
    Scope: 1 Online-Ressource (XVI, 291 Seiten)
  5. Transformation von Banken
    Praxis des In- und Outsourcings auf dem Weg zur Bank 2015
    Published: 2009
    Publisher:  Springer Berlin Heidelberg, Berlin, Heidelberg ; Springer International Publishing AG, Cham

    Bibliothek der Hochschule Darmstadt, Zentralbibliothek
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    Source: Union catalogues
    Language: German
    Media type: Ebook
    Format: Online
    ISBN: 9783540898344; 3540898344
    Other identifier:
    RVK Categories: QK 300
    DDC Categories: 330
    Edition: 1st ed. 2009
    Series: Business Engineering
    Subjects: Bank; Supply Chain Management; Restrukturierung; Netzwerkmanagement; Language and languages; Finance; Business information services; Management; Stylistics; Financial Economics; IT in Business; Management
    Scope: 1 Online-Ressource (XX, 358 Seiten)
  6. On the mechanics of fiscal inflations
    Published: [2024]
    Publisher:  Federal Reserve Bank of Chicago, [Chicago, Illinois]

    The goal of this paper is twofold. First, we wish to better explain the relationship between Sargent and Wallace's (1981) unpleasant monetarist arithmetic, the closely connected fiscal theory of the price level (FTPL), and the monetarist view of... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 244
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    The goal of this paper is twofold. First, we wish to better explain the relationship between Sargent and Wallace's (1981) unpleasant monetarist arithmetic, the closely connected fiscal theory of the price level (FTPL), and the monetarist view of inflation. Second, we discuss how the recent inflationary episode has contributed to redistributing real resources from holders of government debt to the public purse. In particular, financial prices before the onset of the Covid pandemic suggest that investors viewed an inflationary shock such as the one we experienced as extremely unlikely, so the magnitude of this redistribution caught them by surprise.

     

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/302198
    Series: [Working paper] / Federal Reserve Bank of Chicago ; WP 2024, 15 (July 5, 2024)
    Subjects: fiscal theory of the price level; FTPL; unpleasant monetarist arithmetic; monetarism; Redistribution effect of inflation; Fiscal Inflation; Price Level; Inflation; Deflation; Money Supply; Credit; Money Multipliers; Fiscal Policy; General Financial Markets; General (includes Measurement and Data); Macroeconomics and monetary economics; Financial Economics
    Scope: 1 Online-Ressource (circa 20 Seiten), Illustrationen
  7. Corporate tax reform
    from income to cash flow taxes
    Published: 2019
    Publisher:  International Monetary Fund, [Washington, DC]

    This paper uses a multi-region, forward-looking, DSGE model to estimate the macroeconomic impact of a tax reform that replaces a corporate income tax (CIT) with a destination-based cash-flow tax (DBCFT). Two key channels are at play. The first... more

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    This paper uses a multi-region, forward-looking, DSGE model to estimate the macroeconomic impact of a tax reform that replaces a corporate income tax (CIT) with a destination-based cash-flow tax (DBCFT). Two key channels are at play. The first channel is the shift from an income tax to a cash-flow tax. This channel induces the corporate sector to invest more, boosting long-run potential output, GDP and consumption, but crowding out consumption in the short run as households save to build up the capital stock. The second channel is the shift from a taxable base that comprises domestic and foreign revenues, to one where only domestic revenues enter. This leads to an appreciation of the currency to offset the competitiveness boost afforded by the tax and maintain domestic investment-saving equilibrium. The paper demonstrates that spillover effects from the tax reform are positive in the long run as other countries' exports benefit from additional investment in the country undertaking the reform and other countries' domestic demand benefits from improved terms of trade. The paper also shows that there are substantial benefits when all countries undertake the reform. Finally, the paper demonstrates that in the presence of financial frictions, corporate debt declines under the tax reform as firms are no longer able to deduct interest expenses from their profits. In this case, the tax shifting results in an increase in the corporate risk premia, a near-term decline in output, and a smaller long-run increase in GDP

     

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  8. Identifying statistical arbitrage in interest rate markets
    a genetic algorithm approach
    Published: [2020]
    Publisher:  Maynooth University, National University of Ireland, Department of Economics, Finance & Accounting, Maynooth

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    VSP 1885
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / Maynooth University, National University of Ireland, Department of Economics, Finance & Accounting ; N305 (20)
    Subjects: Interest Rates Derivatives; Financial Economics; Arbitrage; Swaption-Cap Puzzle
    Scope: 1 Online-Ressource (39 Seiten), Illustrationen
  9. China's Financial System and Economy
    A Review
    Published: August 2022
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    China's financial system has been integral to its spectacular economic growth over the past 40 years. We review the recent literature on China's financial system and its connections to the Chinese economy based on the categories of Aggregate... more

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    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    China's financial system has been integral to its spectacular economic growth over the past 40 years. We review the recent literature on China's financial system and its connections to the Chinese economy based on the categories of Aggregate Financing to the Real Economy (AFRE), a broad measure of the nation's yearly flow of liquidity accounting for unique features of China's financial system. While early work on China's financial system emphasizes the state-owned enterprise (SOE) reform, the recent literature explores other more market-based financing channels--including shadow banking--that grew rapidly after 2010 and have become important components of AFRE. These new financing channels are not only intertwined with each other, but more importantly often ultimately tied back to the dominant banking sector in China. Understanding the mechanisms behind these channels and their intrinsic connections is crucial to alleviate capital allocation distortion and mitigate potential systemic financial risk in China

     

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NBER working paper series ; no. w30324
    Subjects: Finanzsystem; Finanzsektor; China; General; Financial Markets; Saving and Capital Investment; Corporate Finance and Governance; Formal and Informal Sectors; Shadow Economy; Institutional Arrangements; Technological Change: Choices and Consequences; Diffusion Processes; Financial Economics
    Scope: 1 Online-Ressource, illustrations (black and white)
    Notes:

    Hardcopy version available to institutional subscribers

  10. Malaysia
    selected issues
    Published: 2020
    Publisher:  International Monetary Fund, Washington, D.C.

    This Selected Issues paper investigates impact of financial technology (FinTech) on Malaysia's financial sector. Malaysia is digitally enabled to seize the opportunities brought by FinTech. Malaysian banks continue to dominate in deposits, lending... more

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    e-Book Nationallizenz
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    VS 302
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    E-Book International Monetary Fund
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    Duale Hochschule Baden-Württemberg Villingen-Schwenningen, Bibliothek
    E_Book IMF
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    This Selected Issues paper investigates impact of financial technology (FinTech) on Malaysia's financial sector. Malaysia is digitally enabled to seize the opportunities brought by FinTech. Malaysian banks continue to dominate in deposits, lending and capital raising, but they have been gradually reducing their emphasis on physical distribution networks. The top five Malaysian banks have increased their technology-related spending over the past three years. Regulators have been mindful of developments outside of the traditional regulatory perimeter that could pose financial stability risks. Rapidly evolving technology is likely to bring multiple challenges to the financial sector. Regulatory requirements are an important component of operating in the FinTech space. Regulators must strike a balance between ensuring financial stability and consumer protection, while promoting innovation and competition. In order to address the lack of regulatory acumen among FinTech industry players, Bank Negara Malaysia has spearheaded various initiatives. A key challenge for Malaysian regulators is to strike a balance between reaping the benefits of FinTech and mitigating potential downside risks in both conventional and Islamic finance. Frequent refinements to regulations and supervision are required to keep pace with the highly dynamic nature of FinTech to balance benefits and risks

     

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  11. Guyana
    housing market and implications for macroprudential policies
    Published: 2020
    Publisher:  International Monetary Fund, [Washington, DC]

    Guyana's residential real estate prices have been rising, particularly in the capital city Georgetown, following the discovery of oil in 2015. In line with the growing demand for housing, commercial banks' housing loans have increased, prompting... more

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    e-Book Nationallizenz
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    VS 301
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    E-Book Nationallizenz IMF
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    E-Book International Monetary Fund
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    e-Book International Monetary Fund eLibrary
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    Guyana's residential real estate prices have been rising, particularly in the capital city Georgetown, following the discovery of oil in 2015. In line with the growing demand for housing, commercial banks' housing loans have increased, prompting higher household debt. This paper presents two analyses which suggest that housing prices in Georgetown and banks' lending to the housing sector appear to be in their early stages of growth. However, given the data limitations and caveats that underpin the analyses, the findings could also indicate early signals of possible risks. Further data collection would support surveillance and deeper studies. At the same time, enhancing prudential measures would help safeguard financial and macroeconomic stability. These include strengthening the monitoring of the housing market, bank lending practices and household debt, as well as fortifying the macroprudential framework, including with more effective toolkits for early intervention

     

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  12. Financial frictions and firm informality
    a general equilibrium perspective
    Published: 2020
    Publisher:  International Monetary Fund, [Washington, DC]

    In this paper we build a model of occupational choice with informal production and progressive income taxation. We calibrate the model to the Brazilian economy to evaluate the impact of removing financial frictions on informality. We find that... more

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    In this paper we build a model of occupational choice with informal production and progressive income taxation. We calibrate the model to the Brazilian economy to evaluate the impact of removing financial frictions on informality. We find that financial deepening leads to a drop in the size of the informal sector (from 37 percent to 22 percent of official GDP), to an increase in measured TFP (by 4 percent), to an increase in official GDP (by 27 percent), to a decrease in tax evasion (by 17 percent) and to an increase in fiscal revenues (by 15 percent). When assessing the response of this policy at different levels of financial development, we find a non-linear relationship between the credit-to-GDP ratio on the one hand, and either the size of the informal economy, or GDP per capita on the other hand. We test these features with cross-country data and find evidence in favor of both types of non-linearity. We also investigate changes in the income tax progressitivity as an alternative policy and find it to be more effective in countries with a medium to high level of financial markets development

     

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  13. Optimal simple objectives for monetary policy when banks matter
    Published: 2020
    Publisher:  International Monetary Fund, [Washington, DC]

    We reconsider the design of welfare-optimal monetary policy when financing frictions impair the supply of bank credit, and when the objectives set for monetary policy must be simple enough to be implementable and allow for effective accountability.... more

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    We reconsider the design of welfare-optimal monetary policy when financing frictions impair the supply of bank credit, and when the objectives set for monetary policy must be simple enough to be implementable and allow for effective accountability. We show that a flexible inflation targeting approach that places weight on stabilizing inflation, a measure of resource utilization, and a financial variable produces welfare benefits that are almost indistinguishable from fully-optimal Ramsey policy. The macro-financial trade-off in our estimated model of the euro area turns out to be modest, implying that the effects of financial frictions can be ameliorated at little cost in terms of inflation. A range of different financial objectives and policy preferences lead to similar conclusions

     

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  14. When physics became undisciplined
    an essay on econophysics
    Published: August 2018

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    Language: English
    Media type: Dissertation
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    Subjects: Econophysics; Philosophy of Physics; Philosophy of Financial Economics; Financial Economics; Complex Systems; Lakatos
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    Dissertation, University of Cambridge, 2017

  15. The nature of Islamic banking and solvency stress testing
    conceptual considerations
    Published: 2020
    Publisher:  International Monetary Fund, [Washington, DC]

    This paper provides a conceptual overview of key aspects of the design and implementation of solvency stress testing of Islamic banks. Based on existing regulatory standards and prudential practice, the paper explains how Islamic finance principles... more

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    This paper provides a conceptual overview of key aspects of the design and implementation of solvency stress testing of Islamic banks. Based on existing regulatory standards and prudential practice, the paper explains how Islamic finance principles and their impact on various risk drivers affect the capital assessment of asset-oriented financial intermediation under stress. The formal specification of these risk factors helps operationalize and integrate the stress testing of Islamic banks within established frameworks for financial stability analysis

     

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  16. Behavioural macro-financial cycles
    Published: January 2020

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    Media type: Dissertation
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    Subjects: Financial Economics; Macroeconomics; Behavioural Economics; Applied Econometrics; Cyclicality and Sustainability; Financial and Economic Expectations
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    Dissertation, University of Cambridge, 2020

  17. Somalia
    technical assistance report : bank supervision and regulation
    Published: March 2021
    Publisher:  International Monetary Fund, Washington, D.C.

    The purpose of the missions of Phase I was to develop a functional central bank, including establishing a modern banking supervisory regime. Especially, MCM provided TA missions under the Phase I that have focused on operationalizing banking license... more

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    The purpose of the missions of Phase I was to develop a functional central bank, including establishing a modern banking supervisory regime. Especially, MCM provided TA missions under the Phase I that have focused on operationalizing banking license capacity, development of on and offsite supervisory capability, and other relevant areas

     

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  18. Resolving bank failures and institutions
    is there a link? : some empirical evidence
    Published: August 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    Policymakers across countries have been seeking to strengthen the institutional framework to control fiscal costs and feedback effects to the real economy generated by bank failures. On a cross-section of countries, we find evidence that suggests... more

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    Policymakers across countries have been seeking to strengthen the institutional framework to control fiscal costs and feedback effects to the real economy generated by bank failures. On a cross-section of countries, we find evidence that suggests that bank supervisors' intervention in bank failures may be positively associated with some aspects of the administrative and regulatory framework. Our results appear to hold also during times of financial instability. Finally, we find some evidence that the same institutional features may be associated with lower fiscal outlays during banking crises

     

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  19. The impact of the 2016 Finance Act on investment into Irish real estate funds
    Published: [2020]
    Publisher:  Central Bank of Ireland, [Dublin]

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    Source: Union catalogues
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    Media type: Book
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    Series: Research technical paper / Central Bank of Ireland ; vol. 2020, no. 2
    Subjects: Real Estate Investment Funds; Taxation; Financial Economics
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  20. Evaluating the effects of the Home Affordable Modification Program
    Published: June 2021
    Publisher:  Banco de México, [Ciudad de México, México]

    The Home Affordable Modification Program (HAMP) was a loan modification program introduced in 2009, in the U.S., to assist highly indebted homeowners with avoiding foreclosure. This program also encouraged private lenders to offer more sustainable... more

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    The Home Affordable Modification Program (HAMP) was a loan modification program introduced in 2009, in the U.S., to assist highly indebted homeowners with avoiding foreclosure. This program also encouraged private lenders to offer more sustainable modifications. This paper studies the role of HAMP in preventing higher foreclosures rates during and after the Great Recession, in the context of a general-equilibrium heterogeneous-agents model with two types of households (Borrowers and Savers), uninsurable idiosyncratic risk, and both private and HAMP modifications. The main result is that, without HAMP, the peak in the foreclosure rate could have been 50% larger (3.2 percent vs 2.2 percent in data).

     

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    hdl: 10419/240717
    Series: Working papers / Banco de México ; no 2021, 08
    Subjects: Housing policy; Heterogeneous agents; Financial Economics
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  21. An economic backbone of development
    essays in financial and political economy
    Published: 2023
    Publisher:  Department of Economics, Stockholm University, Stockholm

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    Media type: Dissertation
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    ISBN: 9789180141413
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    Series: Dissertations in economics ; 2023, 1
    Subjects: Financial Economics; Development Economics; Banking; Innovation; Industrial Development; Political Economy; Police
    Scope: 1 Online-Ressource (circa 236 Seiten), Illustrationen
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    Dissertation, Stockholm University, 2023

  22. The COVID-19 impact on corporate leverage and financial fragility
    Published: Nov 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We study the impact of the COVID-19 recession on capital structure of publicly listed U.S. firms. Our estimates suggest leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity... more

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    We study the impact of the COVID-19 recession on capital structure of publicly listed U.S. firms. Our estimates suggest leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity increased moderately. This de-leveraging effect is stronger for firms exposed to significant rollover risk, while firms whose businesses were most vulnerable to social distancing did not reduce leverage. We rationalize our evidence through a structural model of firm value that shows lower expected growth rate and higher volatility of cash flows following COVID-19 reduced optimal levels of corporate leverage. Model-implied optimal leverage indicates firms which did not de-lever became over-leveraged. We find default probability deteriorates most in large, over-leveraged firms and those that were stressed pre-COVID. Additional stress tests predict value of these firms will be less than one standard deviation away from default if cash flows decline by 20 percent

     

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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781589064126
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    Series: Working paper / International Monetary Fund ; WP/21, 265
    Subjects: Corporate Debt; Optimal Capital Structure; Rollover Risk; Distance-To-Default; Default Risk; Stress Tests; Corporate Finance and Governance; Financial Economics; General Financial Markets; COVID-19; Capital and Ownership Structure; Financial Risk and Risk Management; Financing Policy; Corporate Finance; Money and Monetary Policy; Banks and Banking; Financial Economics: General; General Financial Markets: General (includes Measurement and Data); Corporate Finance and Governance: General; Financial Risk Management; Diseases: Contagious; Economics: General; Value of Firms; Goodwill; Bankruptcy; Liquidation; Health Behavior; International Financial Markets; Financial Institutions and Services: General; Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems; Economic & financial crises & disasters; Economics of specific sectors; Infectious & contagious diseases; Finance; Ownership & organization of enterprises; Monetary economics; Financial services law & regulation; Macroeconomics; Health; Asset valuation; Asset and liability management; Economic sectors; Currencies; Credit risk; Financial regulation and supervision; Currency crises; Informal sector; Economics; Communicable diseases; Asset-liability management; Business enterprises; Money; Financial risk management
    Scope: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  23. Essays in finance & health
    Published: [2023]
    Publisher:  Tilburg University, Tilburg

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    ISBN: 9789056687144
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    Series: [Dissertation series] / [Center for Economic Research, Tilburg University] ; [nr. 712 (2023)]
    Subjects: Health Finance; Life Expectancy; Health Shocks; Antidepressants; Genetic Testing; Job Insecurity; Financial Frictions; Refinancing; Financial Shocks; Credit Crunch; Cancer; Financial Decisions; Economic Behavior; Financial Economics; Employees; Debt; Income; Mental Health; Low Income; Well-Being; Investing; Wealth; Economics
    Scope: 1 Online-Ressource (circa 205 Seiten), Illustrationen
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    Dissertation, Tilburg University, 2023

  24. Impact of the global financial crisis on the Gulf Cooperation Council countries and challenges ahead
    Published: 2010
    Publisher:  Internat. Monetary Fund, Washington, DC

    This paper focuses on impact of the global financial crisis on the Gulf Cooperation Council (GCC) Countries and challenges ahead. The oil price boom led to large fiscal and external balance surpluses in the GCC countries. However, it also generated... more

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    This paper focuses on impact of the global financial crisis on the Gulf Cooperation Council (GCC) Countries and challenges ahead. The oil price boom led to large fiscal and external balance surpluses in the GCC countries. However, it also generated domestic imbalances that began to unravel with the onset of the global credit squeeze. As the global deleveraging process took hold, and oil prices and production fell, the GCC's external and fiscal surpluses declined markedly, stock and real estate markets plunged, credit default swap spreads on sovereign debt widened, and external funding for the financial and corporate sectors tightened. In order to offset the shocks brought on by the crisis, governments-buttressed by strong international reserve positions-maintained high levels of spending and introduced exceptional financial measures, including capital and liquidity injections. The immediate priority is to complete the clean-up of bank balance sheets and the restructuring of the nonbanking sector in some countries. Clear communication by the authorities would help implementation, ease investor uncertainty, and reduce speculation and market volatility

     

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  25. New development in the Japanese corporate governance in the 1990s - the role of corporate pensions funds