We examine how firm-level and country-specific macroeconomic variables determine corporate investment in emerging markets. In particular, we investigate how investment decisions are affected by changes in country-speci c commodity export prices, using rm- level data from 38 emerging markets for the period 1990–2013. We show that in addition to the standard firm-level variables (such as expected future profitability, cash flows, leverage, and new debt flows), commodity export prices play a signi cant role in driving corporate investment. Moreover, we show that the sharp decline in commodity prices since 2011 has been a key factor explaining the sizable slowdown in private investment growth during this period, especially in regions with large net commodity exporters.

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  • Fecha: 2017-11-06
  • Palabras Clave: Investment, emerging markets, commodity prices, capital in ows
  • Código Jel: E2, E3, F3, F4
  • Idioma: Inglés/English
  • Número de páginas: 38
  • Volumen: Volume 18 Number 1
  • Issue: Fall 2017
  • Páginas: 157-195
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