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  • June 12, 2017
  • Article
  • Vox, CEPR Policy Portal

Corporate Balance Sheets in Emerging Markets: A Comparison of the Global Crisis and the Asian Financial Crisis

By: Laura Alfaro, Gonzalo Asis, Anusha Chari and Ugo Panizza
  • Format:Electronic
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Abstract

Leverage levels in emerging market firms rose dramatically in the aftermath of the Global Crisis. This column examines whether concerns of a repeat of the Asian financial crisis, which was largely attributed to corporate financial roots, are justified. While firm financial fragility is more widespread, it is less severe than in the period preceding the Asian Financial Crisis. However, certain large firms with high levels of foreign currency leverage are a potential key source of vulnerability in the transmission of adverse shocks such as exchange rate depreciations.

Keywords

Financial Crisis; Emerging Markets; System Shocks

Citation

Alfaro, Laura, Gonzalo Asis, Anusha Chari, and Ugo Panizza. "Corporate Balance Sheets in Emerging Markets: A Comparison of the Global Crisis and the Asian Financial Crisis." Vox, CEPR Policy Portal (June 12, 2017).
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About The Author

Laura Alfaro

General Management
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  • Health Externalities and Policy: The Role of Social Preferences By: Laura Alfaro, Ester Faia, Nora Lamersdorf and Farzad Saidi
  • FIELD Immersion 2022: Lawrence, Massachusetts By: Laura Alfaro and Tom Quinn
  • Distributional Consequences of Monetary Policy Across Races: Evidence from the U.S. Credit Register By: Laura Alfaro, Ester Faia and Camelia Minoiu
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