02103cas a2200313 a 4500 AALejournalIMF022492 230101c9999 xx r poo 0 0eng d 5.00 USD 9798400200984 1018-5941 BD-DhAAL BD-DhAAL Herman, Uros. Determinants and Effects of Countries' External Capital Structure : A Firm-Level Analysis / Uros Herman, Tobias Krahnke. Washington, D.C. : International Monetary Fund, 2022. 1 online resource (40 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students In this paper, we investigate whether a firm's composition of foreign liabilities matters for their resilience during economic turmoil and examine which characteristics determine a firm's foreign capital structure. Using firm-level data, we corroborate previous findings from the (international) macroeconomic literature that the composition of foreign liabilities matters for a country's susceptibility to external shocks. We find that firms with a positive equity share in their foreign liabilities were less affected by the global financial crisis and also less likely to default in the aftermath of the crisis. In addition, we show that larger, more open, and more productive firms tend to have a higher equity share in total foreign liabilities. Mode of access: Internet Financial Markets and the Macroeconomy imf International Business imf International Investment imf Long-Term Capital Movements imf Multinational Firms imf Krahnke, Tobias. IMF Working Papers; Working Paper ; No. 2022/038 Full text available on IMF http://elibrary.imf.org/view/journals/001/2022/038/001.2022.issue-038-en.xml IMF e-Library