Document Type: Auditing Document Report No.: AUD0028019 Document Date: FEB 09, 2020

Author: Sadia,Umme Saima Disclosure Status: Disclosed

This paper studies how crises prompted firms to switch borrowing across markets, impacting the amount borrowed, maturity, and currency denomination at the firm and aggregate levels. ... See More + Using data on worldwide debt issuance from advanced and emerging economies, the paper shows that firms shifted their issuances between domestic and international syndicated loans and corporate bonds during financial crises. Firms reduced their borrowing in shock-hit markets but increased it in other debt markets. Firms also moved toward longer-term markets, maintaining (or even increasing) their borrowing maturity. As they moved toward domestic markets during international crises, firms reduced the share of foreign currency debt. The opposite occurred during domestic crises. Large firms were the ones that switched between international and domestic markets, affecting aggregate capital raising activity. The analysis of four distinct markets generates patterns consistent with credit supply shocks that are different from those obtained when studying the dynamics of individual markets.  See Less -

Document Type: Policy Research Working Paper Report No.: WPS9142 Document Date: FEB 06, 2020

Author: Cortina Lorente,Juan Jose; Didier Brandao,Tatiana; Schmukler,Sergio L. Disclosure Status: Disclosed

Document Type: Auditing Document Report No.: AUD0028011 Document Date: FEB 06, 2020

Author: Alrubaidi,Moad M. Disclosure Status: Disclosed

Document Type: Auditing Document Report No.: AUD0027913 Document Date: FEB 03, 2020

Author: Belay,Abiy Demissie Disclosure Status: Disclosed

Document Type: Auditing Document Report No.: AUD0027837 Document Date: FEB 03, 2020

Author: Sadia,Umme Saima Disclosure Status: Disclosed

Document Type: Auditing Document Report No.: AUD0027842 Document Date: FEB 03, 2020

Author: Berhane,Bogalech Admasu Disclosure Status: Disclosed

Document Type: Auditing Document Report No.: AUD0027910 Document Date: FEB 03, 2020

Author: Belay,Abiy Demissie Disclosure Status: Disclosed

Document Type: Auditing Document Report No.: AUD0027860 Document Date: FEB 02, 2020

Author: Sadia,Umme Saima Disclosure Status: Disclosed

Document Type: Auditing Document Report No.: AUD0027902 Document Date: FEB 02, 2020

Author: Sadia,Umme Saima Disclosure Status: Disclosed

Document Type: Auditing Document Report No.: AUD0027875 Document Date: FEB 02, 2020

Author: Sadia,Umme Saima Disclosure Status: Disclosed