Corporate Leverage, Bankruptcy, and Output Adjustment in Post-Crisis East Asia

Released on by Mr.Se-Jik Kim
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  • Corporate Leverage, Bankruptcy, and Output Adjustment in Post-Crisis East Asia Book Detail

  • Author : Mr.Se-Jik Kim
  • Release Date : 1999-10-01
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 30
  • ISBN 13 : 1451856326
  • File Size : 21,21 MB
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Corporate Leverage, Bankruptcy, and Output Adjustment in Post-Crisis East Asia by Mr.Se-Jik Kim PDF Summary

Book Description: Different levels of corporate leverage are used in this paper to help explain the wide range of post-crisis output adjustment across East Asia. In the model developed here, highly leveraged firms facing a cutoff of capital inflows are threatened by bankruptcy. These firms respond by eliminating investment and selling their capital goods-at a discount-to try to stay afloat. Lower investment and wasteful capital sales shrink the aggregate capital stock, trigger deflationary pressures, and contract overall output. The available data are broadly consistent with the assumptions and predictions of the model.

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