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Mar 10, 2016 7:45 EST

IMF Working Paper – A Closer Look at Sectoral Financial Linkages in Brazil I : Corporations’ Financial Statements

iCrowdNewswire - Mar 10, 2016
Author/Editor: Izabela Karpowicz ; Fabian Lipinsky ; Jongho Park
 
 
Publication Date: March 02, 2016
 
Electronic Access: Free Full text (PDF file size is 1,585KB).
Use the free Adobe Acrobat Reader to view this PDF file

 
Disclaimer: 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
 
Summary: Understanding the interplay between firms’ balance sheets and the macro-economic environment is important for understanding of the Brazilian economy. A close examination of developments in the nonfinancial corporate sector up to the early 2015 reveals weak equity growth, declining profitability, and rising leverage. The empirical work suggests that adverse shocks to financial variables lead to weaker real GDP growth in Brazil through their effect on corporate leverage, borrowing costs, and default frequencies. An estimation based on a DSGE model with financial frictions indicates that the recent economic downturn in Brazil is largely driven by a decrease in total factor productivity and by negative financial shocks.
 
 
Series: Working Paper No. 16/45
 
 
 
 
 
 
 
English  
 
 
Publication Date: March 02, 2016      
ISBN/ISSN: 9781513536880/1018-5941   Format: Paper
Stock No: WPIEA2016045   Pages: 30
Price:
US$18.00 (Academic Rate:
  US$18.00 )
 
   
 
Please address any questions about this title to [email protected]

 

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