「Global financial cycles and firm leverage in emerging economies: Firm and sector level heterogeneity」
●저자 : 최우진 (제1저자)
●학술지명 : FINANCE RESEARCH LETTERS
●게재년월 : 2026년 7월
●권호 : 101
●링크 : https://doi.org/10.1016/j.frl.2026.110058
[초록]
This paper analyzes the effect of global financial cycles (GFCy) on corporate leverage in emerging market economies. Using a comprehensive firm-level panel covering 19 countries from 2000 to 2018, we document a positive association between GFCy easing and firms’ leverage growth. Importantly, the effects exhibit significant heterogeneity: the sensitivity of leverage growth to the easing phase of GFCy is substantially greater for smaller firms operating in non-tradable sectors, whereas firms in tradable sectors exhibit more limited responsiveness. These findings underscore the importance of accounting for firm- and sector-level heterogeneity when assessing capital-inflow episodes and formulating macro-financial policy.