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IMF Working Paper_ Corporate Financial Structure and Financial Stability

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This paper examines how corporate financial structure shapes the impact of a financial crisis on the real sector by way of its effects on flows of funds and on corporate real expenditures. It is one of the first papers to utilize extensive cross-country flow and balance sheet data and also to examine subcomponents of GDP in the wake of banking and currency crises rather than focusing exclusively on aggregate GDP. | WP 04 124 xq IMF Working Paper Corporate Financial Structure and Financial Stability E. Philip Davis and Mark R. Stone INTERNATIONAL MONETARY FUND 2004 International Monetary Fund WP 04 124 IMF Working Paper Monetary and Financial Systems Department Corporate Financial Structure and Financial Stability Prepared by E. Philip Davis and Mark R. Stone1 Authorized for distribution by Arne B. Petersen July 2004 Abstract This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author s and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author s and are published to elicit comments and to further debate. This paper uses flow-of-funds and balance sheet data to analyze the impact of financial crises on corporate financing and GDP in a range of countries. Post-crisis GDP contractions are mainly accounted for by declines in investment and inventory and are more severe for emerging market countries. Post-crisis investment and inventory declines are correlated with the corporate debt-equity ratio. Although companies in emerging market countries hold more liquidity this is not sufficient to prevent a greater response of expenditures to shocks. Industrial countries appear to benefit from an offsetting increase in bond issuance. JEL Classification Numbers E22 E44 G31 Keywords Corporate finance financial instability Author s E-Mail Address e philip davis@msn.com mstone@imf.org 1 E. Philip Davis s address is Brunel University Uxbridge Middlesex UB8 3PH United Kingdom Mark R. Stone s is International Monetary Fund Washington DC 20431 USA. The authors thank Charles Goodhart Chris Green Andy Mullineux and participants in seminars at Birmingham University and the IMF for helpful comments. Sandra Marcelino provided excellent research assistance. - 2 - Contents Page I. Introduction.4 II. Literature Review.4 III. Corporate Financial Structure .