世界银行：全球非金融企业债务增长面临的风险和挑战（英文版）（44页）.pdf

1、Policy Research Working Paper9394 Growth of Global Corporate Debt Main Facts and Policy Challenges Facundo Abraham Juan J. Cortina Sergio L. Schmukler Development Economics Development Research Group September 2020 Public Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedP

2、ublic Disclosure Authorized Produced by the Research Support Team Abstract The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the pr

3、esentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Rec

4、onstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent. Policy Research Working Paper 9394 This paper surveys the literature to document the main stylized facts, risks, and policy challenges rel

5、ated to the expansion of global nonfinancial corporate debt after the 200809 global financial crisis. Nonfinancial corporate debt steadily increased after the crisis, especially in emerg- ing economies. Between 2008 and 2018, corporate debt increased from 56 to 96 percent of gross domestic product i

6、n emerging economies, whereas this ratio remained stable in developed economies. Nonfinancial corporate debt was mainly issued through bond markets, and its growth can be largely attributed to accommodative monetary policies in developed economies. Whereas increased debt financing has some positive