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The Corporate Sector Dynamics of Systemic Financial Crises

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  • Mark R. Stone
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    Abstract

    This paper puts together a set of stylized facts of the corporate sector dynamics of systemic financial crises based on recent crisis episodes with a view to identifying the key issues and their policy implications. The evidence suggests that corporate crisis dynamics arc triggered by a cutoff of capital inflows and are amplified into an historically severe recession by exchange rate depreciation, high interest rates, and current account adjustment. The adverse consequences of these dynamics can be forestalled and assuaged by policies that improve monitoring of the corporate sector and boost nonbank sources of corporate financing.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 00/114.

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    Length: 43
    Date of creation: 01 Jun 2000
    Date of revision:
    Handle: RePEc:imf:imfwpa:00/114

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    Cited by:
    1. Saoussen Ben Gamra & Dominique Plihon, 2011. "Revenue diversification in emerging market banks: implications for financial performance," Papers 1107.0170, arXiv.org.
    2. Prasetyantoko, Agustinus, 2008. "Financing Policies and Firm Vulnerability in Indonesia," MPRA Paper 6533, University Library of Munich, Germany.
    3. Michael P. Dooley & Sujata Verma, 2001. "Rescue Packages and Output Losses Following Crises," NBER Working Papers 8315, National Bureau of Economic Research, Inc.
    4. repec:hal:wpaper:hal-00574161 is not listed on IDEAS
    5. John Hawkins, 2002. "Bond markets and banks in emerging economies," BIS Papers chapters, in: Bank for International Settlements (ed.), The development of bond markets in emerging economies, volume 11, pages 42-48 Bank for International Settlements.
    6. Mark R. Stone & E. P. Davis, 2004. "Corporate Financial Structure and Financial Stability," IMF Working Papers 04/124, International Monetary Fund.
    7. repec:hal:wpaper:hal-00598136 is not listed on IDEAS
    8. Mulder, Christian & Perrelli, Roberto & Rocha, Manuel Duarte, 2012. "External vulnerability, balance sheet effects, and the institutional framework — Lessons from the Asian crisis," International Review of Economics & Finance, Elsevier, vol. 21(1), pages 16-28.
    9. International Monetary Fund, 2003. "Managing Risks in Financial Market Development," IMF Working Papers 03/116, International Monetary Fund.
    10. Ashok Vir Bhatia, 2002. "Sovereign Credit Ratings Methodology," IMF Working Papers 02/170, International Monetary Fund.
    11. repec:hal:cepnwp:hal-00574161 is not listed on IDEAS
    12. Thorvardur Tjörvi Ólafsson & Karen Á. Vignisdóttir, 2012. "Households’ position in the financial crisis in Iceland. Analysis based on a nationwide household-level database," Economics wp59, Department of Economics, Central bank of Iceland.
    13. Stijn Claessens & Daniela Klingebiel & Luc Laeven, 2001. "Financial Restructuring in Banking and Corporate Sector Crises: What Policies to Pursue?," NBER Working Papers 8386, National Bureau of Economic Research, Inc.
    14. Ursel Baumann & Glenn Hoggarth & Darren Pain, 2005. "The substitution of bank for non-bank corporate finance: evidence for the United Kingdom," Bank of England working papers 274, Bank of England.

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