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161223 ||| eng |
| 020 |
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|a 9781484308783
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| 100 |
1 |
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|a Chivakul, Mali
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| 245 |
0 |
0 |
|a Assessing China’s Corporate Sector Vulnerabilities
|c Mali Chivakul, Waikei Lam
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2015
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| 300 |
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|a 28 pages
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| 651 |
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4 |
|a China, People's Republic of
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| 653 |
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|a Manufacturing industries
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| 653 |
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|a Economic & financial crises & disasters
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| 653 |
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|a Depository Institutions
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| 653 |
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|a Natural Resource Extraction
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| 653 |
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|a Banks
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| 653 |
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|a Finance
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| 653 |
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|a Financial crises
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| 653 |
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|a Mineral industries
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| 653 |
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|a Industries: Financial Services
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| 653 |
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|a Financial institutions
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| 653 |
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|a Ownership & organization of enterprises
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| 653 |
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|a Micro Finance Institutions
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| 653 |
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|a Manufacturing
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| 653 |
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|a Corporate Finance and Governance: General
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| 653 |
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|a Mining sector
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| 653 |
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|a Mortgages
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| 653 |
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|a Economic sectors
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| 653 |
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|a Industry Studies: Manufacturing: General
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| 653 |
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|a Corporate Finance
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| 653 |
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|a Business enterprises
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| 653 |
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|a Corporate sector
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| 653 |
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|a Industries: Manufacturing
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| 653 |
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|a Global Financial Crisis, 2008-2009
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| 653 |
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|a Loans
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| 653 |
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|a Global financial crisis of 2008-2009
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Industry Studies: Primary Products and Construction: General
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| 653 |
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|a Extractive industries
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| 653 |
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|a Financial Crises
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| 700 |
1 |
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|a Lam, Waikei
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
5 |
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|a 10.5089/9781484308783.001
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| 856 |
4 |
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|u https://elibrary.imf.org/view/journals/001/2015/072/001.2015.issue-072-en.xml?cid=42819-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
0 |
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|a 330
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| 520 |
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|a This paper documents and assesses the risk stemming from rising corporate indebtedness in China using a firm-level dataset of listed firms. It finds that while leverage on average is not high, there is a fat tail of highly leveraged firms accounting for a significant share of total corporate debt, mainly concentrated in the real estate and construction sector and state-owned enterprises in general. The real estate and construction firms tend to face lower borrowing costs and could withstand a modest increase of interest rate shocks despite their high leverage. The corporate sector is however vulnerable to a significant slowdown in the real estate and construction sector. Our sensitivity analysis suggests that the share of debt that would be in financial distress would rise to about a quarter of total listed firm debt in the event of a 20 percent decline in real estate and construction profits
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