Corporate Sector

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Mark Stone - One of the best experts on this subject based on the ideXlab platform.

  • The Corporate Sector Dynamics of Systemic Financial Crises
    Social Science Research Network, 2000
    Co-Authors: Mark Stone
    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 are 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.

  • The Corporate Sector Dynamics of Systemic Financial Crises
    IMF Working Papers, 2000
    Co-Authors: Mark Stone
    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.

Ignacio Santillana Del Barrio - One of the best experts on this subject based on the ideXlab platform.

  • The Spanish Corporate Sector in the Crisis: 2000-2014
    Social Science Research Network, 2016
    Co-Authors: Vicente Salas-fumás, Ignacio Santillana Del Barrio
    Abstract:

    Membership of the Eurozone benefited the Corporate and other institutional Sectors of the Spanish economy in the form of lower interest rates that boosted a period of high Corporate investment and growth. The financial crises interrupted the growth process and the Spanish economy has gone through a severe recession. Looking backwards, analysts have diagnosed the first years of the Spanish economy in the Euro as a period of loss of competitiveness, excessive investment and excessive external debt. This paper examines profitability, investment and leverage of the Spanish Corporate Sector in the years 2000-2007 under the lens of what could be expected if profit-maximizing firms experience a permanent reduction in the financial cost of capital. Next we identify the vulnerabilities to which the Corporate Sector was exposed at the start of the crisis, and complete the examination for the rest of the period 2008-2014. In the expansion period operating assets grew faster than output and return on assets decreased, as predicted by the model. In this period internally generated cash flows were not sufficient to finance the high investment rate and Corporate leverage ratios almost double. In the years of the crisis capital deepening stops, profits increase and corporations generate cash flows above investment flows that use to repay debt.

  • The spanish Corporate Sector in the Euro: 2000-2014
    2016
    Co-Authors: Vicente Salas Fumás, Ignacio Santillana Del Barrio
    Abstract:

    Membership of the Eurozone benefited the Corporate and other institutional Sectors of the Spanish economy in the form of lower interest rates that boosted a period of high Corporate investment and growth. The financial crises interrupted the growth process and the Spanish economy has gone through a severe recession. Looking backwards, analysts have diagnosed the first years of the Spanish economy in the Euro as a period of loss of competitiveness, excessive investment and excessive external debt. This paper examines profitability, investment and leverage of the Spanish Corporate Sector in the years 2000-2007 under the lens of what could be expected if profit-maximizing firms experience a permanent reduction in the financial cost of capital. Next we identify the vulnerabilities to which the Corporate Sector was exposed at the start of the crisis, and complete the examination for the rest of the period 2008-2014. In the expansion period operating assets grew faster than output and return on assets decreased, as predicted by the model. In this period internally generated cash flows were not sufficient to finance the high investment rate and Corporate leverage ratios almost double. In the years of the crisis capital deepening stops, profits increase and corporations generate cash flows above investment flows that use to repay debt.

Supriatna Supriatna - One of the best experts on this subject based on the ideXlab platform.

Vicente Salas-fumás - One of the best experts on this subject based on the ideXlab platform.

  • The Spanish Corporate Sector in the Crisis: 2000-2014
    Social Science Research Network, 2016
    Co-Authors: Vicente Salas-fumás, Ignacio Santillana Del Barrio
    Abstract:

    Membership of the Eurozone benefited the Corporate and other institutional Sectors of the Spanish economy in the form of lower interest rates that boosted a period of high Corporate investment and growth. The financial crises interrupted the growth process and the Spanish economy has gone through a severe recession. Looking backwards, analysts have diagnosed the first years of the Spanish economy in the Euro as a period of loss of competitiveness, excessive investment and excessive external debt. This paper examines profitability, investment and leverage of the Spanish Corporate Sector in the years 2000-2007 under the lens of what could be expected if profit-maximizing firms experience a permanent reduction in the financial cost of capital. Next we identify the vulnerabilities to which the Corporate Sector was exposed at the start of the crisis, and complete the examination for the rest of the period 2008-2014. In the expansion period operating assets grew faster than output and return on assets decreased, as predicted by the model. In this period internally generated cash flows were not sufficient to finance the high investment rate and Corporate leverage ratios almost double. In the years of the crisis capital deepening stops, profits increase and corporations generate cash flows above investment flows that use to repay debt.

Sunardi - One of the best experts on this subject based on the ideXlab platform.

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