| Description |
1 online resource (75 pages) |
| Series |
IMF Working Paper ; WP/15/148 |
|
IMF working paper ; WP/15/148.
|
| Contents |
""Cover Page""; ""Title Page""; ""Copyright Page""; ""Contents""; ""Tables""; ""Figures""; ""Appendix""; ""I. Introduction""; ""II. A Measure of Non-financial Corporate Debt Stocks""; ""1. A Measure of NFC Debt""; ""1. Comparing Different Measures of Aggregate NFC Debt""; ""III. Trends in Non-financial Corporate Debt Stocks and Composition""; ""2. EM NFC Bond vs. Equity and Syndicated Loan Issuance""; ""3. Change in EM Bond Market Debt 2009�13""; ""4. Diversification of EM Bond Issuance""; ""5. EM NFC Debt Composition Over Time""; ""6. EM NFC debt Composition Over Time by Region"" |
|
""7. Change in the Stock of NFC Bonds by Initial Quantile""""IV. Empirical Specification""; ""V. Estimation Result Using Panel Model""; ""2. Definitions and Sources of Variables""; ""3. Baseline Regression and Enabling Environment (EE)""; ""4. Baseline Regression and Macro Fundamentals (MF)""; ""5. Baseline Regression and Domestic Bank Characteristics (BC)""; ""6. Baseline and Global Variables (G)""; ""7. Baseline and Specification Checks""; ""8. Predicted Effects in the Baseline Specification""; ""9a. Institutional quality and the Impact of the High Yield Spread"" |
|
""9b. Macro Fundamentals and the Impact of the High Yield Spread""""VI. Estimation Results Using Panel Quantile Model""; ""8a. Quantile Regression Setup: Enabling Environment""; ""8b. Quantile Regression Setup: Macro Fundamentals and Bank Characteristics""; ""8c. Quantile Regression Setup: Global Factors""; ""9. Quantile Regression Setup: Dropping Insignificant Regressors""; ""VII. Discussion""; ""1. Galvao et al�s (2013) Three-step Censored Quantile""; ""References""; ""Footnotes"" |
| Summary |
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 the variation of bond shares in total corporate debt. The sensitivity to global factors appears to vary with relative bond market size-which we interpret to be associated with liquidity and easy entry and exit-rather than local fundamentals. Foreign bank linkages help explain why bond markets increasin |
| Notes |
Print version record |
| Form |
Electronic book
|
| Author |
Nedeljković, Milan, author.
|
|
Saborowski, Christian, author.
|
| ISBN |
9781513539201 |
|
1513539205 |
|
1513579754 |
|
9781513579757 |
|
