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Assessment of Corporate Sector Value and Vulnerability: Links to Exchange Rtae and Financial Crises


  • Gray, D.F.


This paper presents an innovative yet practical framework to assess corporate sector vulnerability and the links to exchange rates and financial crises that bridges the gap between corporate finance and macroeconomic analysis. This framework missing describing how changes in aggregate value of the corporate sector are interrelated with exchange rate crises, financial crises and associated fiscal costs of bank recapitalization. The factors that can make the corporate sector particularly vulnerable include both sector-specific characteristics (leverage, composition of debt, maturity of debt, hard currency profits, etc.) and characteristics of the current account adjustment process that feed back on corporate balance sheets. The framework has multiple applications. It can help policy makers and investors understand past crises and assess risks of future crises. It can also help improve surveillance as well as improve policy design at the macroeconomic, financial and corporate sector levels.

Suggested Citation

  • Gray, D.F., 1999. "Assessment of Corporate Sector Value and Vulnerability: Links to Exchange Rtae and Financial Crises," Papers 455, World Bank - Technical Papers.
  • Handle: RePEc:fth:wobate:455

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    References listed on IDEAS

    1. Kaminsky, Graciela L. & Reinhart, Carmen M., 2000. "On crises, contagion, and confusion," Journal of International Economics, Elsevier, vol. 51(1), pages 145-168, June.
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    Cited by:

    1. Yung Chul Park & Jong-Wha Lee, 2003. "Recovery and Sustainability in East Asia," NBER Chapters,in: Managing Currency Crises in Emerging Markets, pages 275-320 National Bureau of Economic Research, Inc.
    2. Wojciech Maliszewski & Serkan Arslanalp & John Caparusso & José Garrido & Si Guo & Joong Shik Kang & W. Raphael Lam & Daniel Law & Wei Liao & Nadia Rendak & Philippe Wingender & Jiangyan Yu & Longmei , 2016. "Resolving China’s Corporate Debt Problem," IMF Working Papers 16/203, International Monetary Fund.

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    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets


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