在新兴市场中的公司违约危机
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Corporate Default Risk in Emerging Markets
Abstract
Economists and policymakers are worried about the poor health of non-financial corporations around the world. McKinsey & Company reported in February 2015 annual global debt growth of 5.3% and corporate debt growth of 5.9% between 2007 and 2014. Standard & Poor’s data shows global debt to earnings ratios at 12-year highs, a result of both higher debt and the effect of weak global demand and lower commodity prices on revenues. The consequences of these poor solvency conditions are starting to show. Moody’s reported on March 1st that global corporate defaults had reached their peak since the Global Financial Crisis (GFC). Furthermore, the rating agency forecasted a 30% year-over-year increase in speculative-grade defaults by the end of 2016.
地址：http://lhendricks.org/econ920/papers2016/asis_oct.pdf
