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International dimensions of EME corporate debt

Author

Listed:
  • Stefan Avdjiev
  • Patrick McGuire
  • Goetz von Peter

Abstract

International credit can be fickle and subject to sudden stops during periods of global economic stress. Non-financial corporate borrowers that rely on credit from abroad are vulnerable to reversals in capital flows. Similarly, corporates that borrow in foreign currency may face problems rolling over their debt when the local currency depreciates or global dollar funding conditions tighten. This feature draws on several BIS data sets to examine corporates' external and foreign currency debt for key emerging market economies on the eve of the Covid-19 outbreak.

Suggested Citation

  • Stefan Avdjiev & Patrick McGuire & Goetz von Peter, 2020. "International dimensions of EME corporate debt," BIS Quarterly Review, Bank for International Settlements, June.
    • Handle: RePEc:bis:bisqtr:2006b
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    References listed on IDEAS

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    Cited by:

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    2. Mateane, Lebogang, 2023. "Risk preferences, global market conditions and foreign debt: Is there any role for the currency composition of FX reserves?," Research in Economics, Elsevier, vol. 77(3), pages 402-418.
    3. Annina Kaltenbrunner & Elif Karaçimen & Joel Rabinovich, 2023. "The changing financial practises of Brazilian and Turkish firms under financial subordination, a mixed-methods analysis," Working Papers PKWP2306, Post Keynesian Economics Society (PKES).
    4. Manopimoke, Pym & Nookhwun, Nuwat & Pattararangrong, Jettawat, 2024. "Exchange rate in emerging markets: Shock absorber or source of shock?," Journal of International Money and Finance, Elsevier, vol. 148(C).
    5. Boris Hofmann & Nikhil Patel & Steve Pak Yeung Wu, 2022. "Original sin redux: a model-based evaluation," BIS Working Papers 1004, Bank for International Settlements.
    6. Kadırgan, Can, 2023. "Exchange rate driven balance sheet effect and capital flows to emerging market economies," The Quarterly Review of Economics and Finance, Elsevier, vol. 87(C), pages 35-45.
    7. Torsten Ehlers & Bryan Hardy & Patrick McGuire, 2025. "International finance through the lens of BIS statistics: the international dimensions of credit," BIS Quarterly Review, Bank for International Settlements, March.
    8. Palma, José Gabriel, 2020. "Why the rich always stay rich (no matter what, no matter the cost)," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.
    9. Banti, Chiara & Bose, Udichibarna, 2024. "Shifts in global credit and corporate access to finance," Journal of Financial Stability, Elsevier, vol. 74(C).
    10. Park, Donghyun & Shin, Kwanho & Tian, Shu, 2023. "Debts and depth of recessions," International Review of Economics & Finance, Elsevier, vol. 87(C), pages 468-485.
    11. Irving Fisher Committee, 2021. "New developments in central bank statistics around the world," IFC Bulletins, Bank for International Settlements, number 55.
    12. Palma, J. G., 2020. "Why the Rich Stay Rich. On dysfunctional institutions’ “ability to persist” (no matter what)," Cambridge Working Papers in Economics 20124, Faculty of Economics, University of Cambridge.
    13. Apaitan, Tosapol & Manopimoke, Pym & Nookhwun, Nuwat & Pattararangrong, Jettawat, 2024. "Heterogeneity in exchange rate pass-through to import prices in Thailand: Evidence from micro data," Journal of International Money and Finance, Elsevier, vol. 149(C).

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    More about this item

    JEL classification:

    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance

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