How Does Public External Debt Affect Corporate Borrowing Costs In Emerging Markets?

How Does Public External Debt Affect Corporate Borrowing Costs In Emerging Markets?
Using data on syndicated loan issuances by emerging market firms, we find that an increase in the external debt of emerging market governments significantly raises the borrowing costs of the domestic corporate sector. This finding suggests that a higher level of public external debt "crowds out" foreign credit to the private sector by increasing... READ MORE...

Publication date: December 2009
ISBN 9781451874112
$18.00

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