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|c 5.00 USD
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|z 9781451853018
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|a 1018-5941
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|a Sayek, Selin.
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|a Multinational Affiliates and Local Financial Markets /
|c Selin Sayek, Alexander Lehmann, Hyoung Kang.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2004.
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|a 1 online resource (26 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a 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.
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|a Mode of access: Internet
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|a Kang, Hyoung.
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|a Lehmann, Alexander.
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|a IMF Working Papers; Working Paper ;
|v No. 2004/107
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2004/107/001.2004.issue-107-en.xml
|z IMF e-Library
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