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Cover Art
Author Sayek, Selin.

Title Multinational Affiliates and Local Financial Markets [electronic resource] / Selin Sayek.

Published Washington, D.C. : International Monetary Fund, 2004.


Location Call No. Status
Physical description 1 online resource (26 p.)
Series IMF Working Papers; Working Paper ; No. 04/107
IMF Working Papers; Working Paper ; No. 04/107
Summary We use data on the sources of debt finance of U.S. majority-owned foreign affiliates in 53 countries over the period 1983 to 2001 to examine the role of financial market development, and exposure to host country-specific risk on the financing choices of these affiliates. We find that total balance sheets are about four times as large as the cross-border component of foreign direct investment (FDI). The extent of financial leverage through local debt is positively related to host-country corporate tax rates, exchange rate variability, local currency-denominated sales, and financial development. Factors that further the role of local debt reduce that of parent company debt, and through this substitution overall leverage increases.
Notes Description based on print version record.
Other author Kang, Hyoung Goo.
Lehmann, Alexander.
Sayek, Selin.
Subject Capital Structure
Direct Investment
Financial Aspects of Economic Integration
Financial Development
Foreign Affiliates
ISBN 1451853017 : 15.00 USD
ISSN 1018-5941
Standard Number 10.5089/9781451853018.001