Odborná přednáška prof. Gonula Colaka

Přednáška je obzvlášť vhodná pro doktorandky a doktorandy.

Téma přednášky: The Effects of Government Debt on Corporate Borrowing in Developing Economies: Evidence From Africa

Abstract: “We study the relation between government borrowing and corporate leverage in a manually collected African sample. We find a rarely observed financial crowding-in effect among African firms that is driven by external government debt, whereas domestic government borrowing seems to crowd out corporate borrowing. This crowding-in effect of external government debt is observed in publicly listed firms but not in private firms; it is particularly stronger for foreign listed public firms. We test for several alternative explanations. Following the sovereign credit downgrades the crowding-in effect intensifies, suggesting that the Sovereign Ceiling hypothesis is strongly binding in African countries. The crowding-in effect is also stronger in countries whose external debt financing relies heavily on the Eurobond markets. Non-market-based lending such as concessional loans from multilateral organizations cannot explain this crowding-in effect in public firms, but these loans seem to create a domestic lending boom that primarily increases the leverage of private firms. These findings contribute to the international capital structure literature by highlighting the distinctive characteristics of African debt markets and corporate access to them.”

Termín: 28. listopadu 2024 ve 12:45 hod.

Místnost: RB437

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Karel Brůna

Proděkan pro výzkum a doktorské studium FFÚ