Corporate Leverage, Bankruptcy, and Output Adjustment in Post-Crisis East Asia

Corporate Leverage, Bankruptcy, and Output Adjustment in Post-Crisis East Asia
Different levels of corporate leverage are used in this paper to help explain the wide range of post-crisis output adjustment across East Asia. In the model developed here, highly leveraged firms facing a cutoff of capital inflows are threatened by bankruptcy. These firms respond by eliminating investment and selling their capital goods-at a... READ MORE...

Publication date: October 1999
ISBN 9781451856323
$15.00

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