TY  - BOOK
AU  - Schmukler,Sergio L.
AU  - Vesperoni,Esteban
TI  - Globalization and firms' financing choices: evidence from emerging economies 
T2  - IMF working paper
U1  - 332.64 21
PY  - 2001///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - GLOBALIZACION ECONOMICA
KW  - MERCADO DE CAPITALES
KW  - MODELOS ECONOMICOS
KW  - MERCADOS FINANCIEROS
KW  - TRANSNACIONALIZACION DE LA ECONOMIA
N2  - This paper studies the relation between firm's financing choices and financial globalization. Using an East Asian and Latin American firm-level panel for the 1980s and 1990s, we study how leverage ratios, debt maturity structure, and sources of financing change when economies are liberalized and when firms access international capital markets. We find that debt-equity ratios do not increase after financial liberalization. Debt maturity shortens for the average firm when countries undertake financial liberalization. However, domestic firms that actually participate in international capital markets extend their debt maturity. Financial liberalization has less effects on firms from countries with more developed domestic financial systems. Leverage ratios increase during crises
UR  - http://www.imf.org/external/pubs/ft/wp/2001/wp0195.pdf
ER  -