The Composition of Capital Inflows When Emerging Market Firms Face Financing Constraints
نویسندگان
چکیده
منابع مشابه
The Composition of Capital In ows When Emerging Market Firms Face Financing Constraints∗
The composition of capital in ows to emerging market economies tends to follow a predictable dynamic pattern across the business cycle. In most emerging market economies, total in ows are pro-cyclical, with debt and portfolio equity owing in rst, followed later in the expansion by foreign direct investment (FDI). To understand the dynamic composition of these ows, we use a small open economy (S...
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Using a small open economy framework, we model the composition of capital inflows as the equilibrium outcome of emerging market firms’ financing decisions. We show that debt limits, equity issuing costs, and foreign direct investment search costs generate a financing premium and that the ”cheapest” source of financing depends on the phase of the business cycle and past financing decisions. The ...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2007
ISSN: 1556-5068
DOI: 10.2139/ssrn.1026361