Franklin

Role of Debt Maturity Structureon Firm Fixed Assets During Sudden Stop Episodes [electronic resource] : Evidence From Thailand, Morsy, Hanan.

Author/Creator:
Morsy, Hanan.
Publication:
Washington, D.C. : International Monetary Fund, 2007.
Series:
IMF eLibrary
IMF Working Papers; Working Paper No. 07/11.
IMF Working Papers; Working Paper No. 07/11
Format/Description:
Government document
Book
1 online resource (27 p.)
Local subjects:
Balance sheet effects.
Capital.
Crisis countries.
Currency crises.
Currency debt.
Currency mismatch.
Current account.
Current account adjustment.
Current Account Adjustments.
Current account deficits.
Debt burden.
Debt burdens.
Debt holders.
Debt management.
Debt maturity.
Debt obligations.
Debt ratio.
Debt structure.
Debt-equity.
External financing.
Fixed assets.
Foreign currency.
Foreign currency debt.
Foreign ownership.
Intangible assets.
Interest income.
Interest payments.
Investment decisions.
Liquidity constraints.
Liquidity crises.
Long-term debt.
Long-term loans.
Maturity structure of debt.
Multinational firms.
Nonperforming loans.
Open Economy Macroeconomics.
Rates of return.
Short-Term Capital Movements.
Short-term debt.
Tax liability.
Total market capitalization.
Thailand.
Summary:
This paper studies the detrimental effect of sudden stops on the growth of Thai firms'' fixed assets. We focus on the fixed assets adjustment that firms undertake at times of financial constraints. We derive our results from balance sheet data for 284 nonfinancial Thai listed firms. Our data demonstrate that Thai firms faced severe declines in the growth of their fixed assets starting in 1996. Regression results demonstrate, after controlling for firms'' characteristics and lagged dependent variables, that holding longer-term debt maturity structure is the factor that works in the firms'' favor during sudden stop episodes, while it is their profitability that matters during tranquil periods.
Notes:
Description based on print version record.
Contributor:
Iannariello, Maria Pia.
Morsy, Hanan.
Terada-Hagiwara, Akiko.
Other format:
Print Version:
ISBN:
1451865759:
9781451865752
ISSN:
1018-5941
Publisher Number:
10.5089/9781451865752.001
Access Restriction:
Restricted for use by site license.
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