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Research Network Working Paper, 451. Internal capital markets and financing choices of Mexican firms before and during the financial paralysis of 1995-2000 / Gonzalo Castañeda
Título de serie: Research Network Working Paper, 451 Título : Internal capital markets and financing choices of Mexican firms before and during the financial paralysis of 1995-2000 Tipo de documento: texto impreso Autores: Gonzalo Castañeda Editorial: Washington : Banco Interamericano de Desarrollo Fecha de publicación: 2002 Número de páginas: 44 p Idioma : Inglés Temas: BANCO INTERAMERICANO DE DESARROLLO
CRISIS FINANCIERA
EMPRESAS
FINANCIACION
MERCADOS DE CAPITAL
MEXICO
SIGLO XXClasificación: 338.9 Resumen: This paper shows that, contrary to conventional wisdom, once the Mexican economy moved from financial liberalization to financial paralysis in 1995, liquidity constraints were relaxed for many large and financially healthy firms listed on the Mexican Securities Market. In the latter period, only those firms with a banking tie observe, on average, a dependence on cash stock to finance their investment projects. Econometric results are derived from dynamic panel data models estimated with the Generalized Method of Moments, where level and difference equations are combined into a system. The econometric evidence is consistent with the real growth of the Mexican economy during the years 1996-2000, which took place in a context of a collapsed banking system and the paralysis of other domestic forms of external financing. This paper also provides evidence supporting the hypothesis that firms’ membership in a network and firms’ linkage to a bank produced weaker financial constraints before the banking crisis. However, additional research is needed to formally test the importance of the different sources of financing since 1995; suppliers’ credit, foreign funding and internal capital markets are viable candidates for further study. Finally, the paper provides an intuitive rationalization of the Mexican paradox based on the business groups’ structure and their internal capital markets. It is argued that under a macroeconomic setting characterized by disarray in the domestic financial system, firms affiliated with business groups have more incentives to act coordinately rather than performing as autonomous profit centers. Consequently, in this new scenario, corporate headquarters are more interested in removing financial bottlenecks than in exerting market pressure on their divisions. In this environment, groups are capable of reallocating financial resources away from booming, export-oriented affiliates—the most likely to have access to foreign capital markets—and into cash-constrained firms within the same group. In other words, according to this theory, it is suggested that the presence of internal capital markets worked as a financial buffer that helped sustain economic growth. En línea: http://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=774908 Enlace permanente a este registro: https://opac.um.edu.uy/index.php?lvl=notice_display&id=73011 Research Network Working Paper, 451. Internal capital markets and financing choices of Mexican firms before and during the financial paralysis of 1995-2000 [texto impreso] / Gonzalo Castañeda . - Washington : Banco Interamericano de Desarrollo, 2002 . - 44 p.
Idioma : Inglés
Temas: BANCO INTERAMERICANO DE DESARROLLO
CRISIS FINANCIERA
EMPRESAS
FINANCIACION
MERCADOS DE CAPITAL
MEXICO
SIGLO XXClasificación: 338.9 Resumen: This paper shows that, contrary to conventional wisdom, once the Mexican economy moved from financial liberalization to financial paralysis in 1995, liquidity constraints were relaxed for many large and financially healthy firms listed on the Mexican Securities Market. In the latter period, only those firms with a banking tie observe, on average, a dependence on cash stock to finance their investment projects. Econometric results are derived from dynamic panel data models estimated with the Generalized Method of Moments, where level and difference equations are combined into a system. The econometric evidence is consistent with the real growth of the Mexican economy during the years 1996-2000, which took place in a context of a collapsed banking system and the paralysis of other domestic forms of external financing. This paper also provides evidence supporting the hypothesis that firms’ membership in a network and firms’ linkage to a bank produced weaker financial constraints before the banking crisis. However, additional research is needed to formally test the importance of the different sources of financing since 1995; suppliers’ credit, foreign funding and internal capital markets are viable candidates for further study. Finally, the paper provides an intuitive rationalization of the Mexican paradox based on the business groups’ structure and their internal capital markets. It is argued that under a macroeconomic setting characterized by disarray in the domestic financial system, firms affiliated with business groups have more incentives to act coordinately rather than performing as autonomous profit centers. Consequently, in this new scenario, corporate headquarters are more interested in removing financial bottlenecks than in exerting market pressure on their divisions. In this environment, groups are capable of reallocating financial resources away from booming, export-oriented affiliates—the most likely to have access to foreign capital markets—and into cash-constrained firms within the same group. In other words, according to this theory, it is suggested that the presence of internal capital markets worked as a financial buffer that helped sustain economic growth. En línea: http://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=774908 Enlace permanente a este registro: https://opac.um.edu.uy/index.php?lvl=notice_display&id=73011 Reserva
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Inventario Ubicación en el estante Tipo de medio Sección Ubicación Estado 038399 338.9 RES v.451 Libro Colección Biblioteca Central Disponible Se anuncia el fin de la crisis global, pero hay que lidiar con las burbujas / Juan Carlos Protasi en Portfolio, n.57 (2013)
[artículo]
Título : Se anuncia el fin de la crisis global, pero hay que lidiar con las burbujas Tipo de documento: texto impreso Autores: Juan Carlos Protasi Fecha de publicación: 2013 Artículo en la página: p. 4-7 Idioma : Español Temas: CRISIS FINANCIERA Enlace permanente a este registro: https://opac.um.edu.uy/index.php?lvl=notice_display&id=71243
in Portfolio > n.57 (2013) . - p. 4-7[artículo] Se anuncia el fin de la crisis global, pero hay que lidiar con las burbujas [texto impreso] / Juan Carlos Protasi . - 2013 . - p. 4-7.
Idioma : Español
in Portfolio > n.57 (2013) . - p. 4-7
Temas: CRISIS FINANCIERA Enlace permanente a este registro: https://opac.um.edu.uy/index.php?lvl=notice_display&id=71243 Six Ways Companies Mismanage Risk / René M. Stulz en Harvard Business Review, v.87, n.3 (Mar. 2009)
[artículo]
Título : Six Ways Companies Mismanage Risk Tipo de documento: texto impreso Autores: René M. Stulz Fecha de publicación: 2009 Artículo en la página: p. 86-94 Idioma : Inglés Temas: CRISIS ECONOMICA
CRISIS FINANCIERA
EMPRESAS
GESTIONEnlace permanente a este registro: https://opac.um.edu.uy/index.php?lvl=notice_display&id=94896
in Harvard Business Review > v.87, n.3 (Mar. 2009) . - p. 86-94[artículo] Six Ways Companies Mismanage Risk [texto impreso] / René M. Stulz . - 2009 . - p. 86-94.
Idioma : Inglés
in Harvard Business Review > v.87, n.3 (Mar. 2009) . - p. 86-94
Temas: CRISIS ECONOMICA
CRISIS FINANCIERA
EMPRESAS
GESTIONEnlace permanente a este registro: https://opac.um.edu.uy/index.php?lvl=notice_display&id=94896 Sovereign debt restructuring and debt sustainability : an analysis of recent cross-country experience. / Harald Finger
Título : Sovereign debt restructuring and debt sustainability : an analysis of recent cross-country experience. Tipo de documento: texto impreso Autores: Harald Finger ; Mauro Mecagni Editorial: Washington, D.C. : International Monetary Fund Fecha de publicación: 2007 Colección: Occasional Paper Número de páginas: v.255, 39 p ISBN/ISSN/DL: 978-1-58906-610-6 Idioma : Inglés Temas: CRISIS FINANCIERA
DEUDA
DEUDA PUBLICA
ECONOMIA
PAISES EN DESARROLLOClasificación: 336.343.3 Enlace permanente a este registro: https://opac.um.edu.uy/index.php?lvl=notice_display&id=13261 Sovereign debt restructuring and debt sustainability : an analysis of recent cross-country experience. [texto impreso] / Harald Finger ; Mauro Mecagni . - Washington, D.C. : International Monetary Fund, 2007 . - v.255, 39 p. - (Occasional Paper) .
ISBN : 978-1-58906-610-6
Idioma : Inglés
Temas: CRISIS FINANCIERA
DEUDA
DEUDA PUBLICA
ECONOMIA
PAISES EN DESARROLLOClasificación: 336.343.3 Enlace permanente a este registro: https://opac.um.edu.uy/index.php?lvl=notice_display&id=13261 Reserva
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Inventario Ubicación en el estante Tipo de medio Sección Ubicación Estado 027209 FMI 336.343.3 FINs Libro Colección Biblioteca Central Disponible The challenge of predicting economic crises. / Andrew Berg
Título : The challenge of predicting economic crises. Tipo de documento: texto impreso Autores: Andrew Berg ; Catherine Pattillo Editorial: Washington, D.C. : International Monetary Fund Fecha de publicación: 2000 Colección: Economic Issues. Número de páginas: iii, 13 p ISBN/ISSN/DL: 978-1-55775-884-2 Idioma : Inglés Temas: CRISIS FINANCIERA
ECONOMIA
FMI
FONDO MONETARIO INTERNACIONALClasificación: 330 Enlace permanente a este registro: https://opac.um.edu.uy/index.php?lvl=notice_display&id=13950 The challenge of predicting economic crises. [texto impreso] / Andrew Berg ; Catherine Pattillo . - Washington, D.C. : International Monetary Fund, 2000 . - iii, 13 p. - (Economic Issues.) .
ISBN : 978-1-55775-884-2
Idioma : Inglés
Temas: CRISIS FINANCIERA
ECONOMIA
FMI
FONDO MONETARIO INTERNACIONALClasificación: 330 Enlace permanente a este registro: https://opac.um.edu.uy/index.php?lvl=notice_display&id=13950 Reserva
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