Do Phoenix Miracles Exist? Firm-Level Evidence from Financial Crises

This paper provides empirical evidence on firm recoveries from financial system collapses in developing countries (systemic sudden stops episodes), and compares them with the experience in the United States in the 2008 financial crisis. Prior resea...

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Bibliographic Details
Main Authors:	Ayyagari, Meghana, Demirgüç-Kunt, Asli, Maksimovic, Vojislav
Format:	Policy Research Working Paper
Language:	English
Published:	2012
Subjects:	ABSENCE OF CREDIT ACCESS TO CREDIT ACCOUNTING ADMINISTRATIVE EXPENSES AMORTIZATION ASSET SALES ASSET STRUCTURE BALANCE SHEET BALANCE-SHEET BANK CREDIT BANK LENDING BANKING CRISES BANKRUPT BENCHMARK BOND INDEX BORROWINGS BROKERS CAPITAL FLOW CAPITAL FLOWS CAPITAL MARKETS CAPITAL STOCK CAPITAL STRUCTURE CASH BALANCE CASH BALANCES CASH DIVIDENDS CASH FLOW CASH FLOWS CASH HOLDINGS CASH OUTFLOWS CHECKS COMMERCIAL BANKS COMMERCIAL INCOME COMMON STOCK CONSUMER LOANS CORPORATE DEBT CORPORATE INVESTMENT CORPORATE PROFITS CREDIT CRUNCH CREDIT CRUNCHES CREDIT LEVELS CREDIT LINES CREDIT MARKETS CRISIS COUNTRY CURRENCY CURRENCY CRISES DEBT DEBT FINANCING DEBT ISSUANCE DEBT MATURITY DEBT POSITIONS DECISION MAKING DEPENDENT DEPOSIT DEPOSIT MONEY BANKS DEVELOPING COUNTRIES DEVELOPING COUNTRY DEVELOPMENT ECONOMICS DEVELOPMENT POLICY DIVIDEND DIVIDEND PAYMENTS DIVIDENDS DOLLAR DEBT EARNINGS EARNINGS BEFORE INTEREST ECONOMIC ACTIVITY ECONOMIC OUTLOOK ECONOMIC POLICY EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET BOND EMERGING MARKET COUNTRIES EMERGING MARKET FIRMS EMERGING MARKETS EQUIPMENT EQUITY ISSUANCE EQUITY ISSUANCES EQUITY ISSUES EXPENDITURE EXPENDITURES EXTERNAL BORROWING EXTERNAL CREDIT EXTERNAL FINANCE EXTERNAL FINANCING FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL CONSTRAINTS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DISTRESS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL RESOURCES FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL SHOCK FINANCIAL STATEMENTS FINANCIAL STUDIES FINANCIAL SYSTEM FINANCING COSTS FIRM SALES FIXED ASSETS FORECASTS FOREIGN EXCHANGE GDP GDP DEFLATOR GLOBAL CAPITAL GLOBAL CAPITAL MARKET GROWTH OPPORTUNITIES INCOME STATEMENT INCOME STATEMENTS INDIVIDUAL FIRM INDIVIDUAL FIRMS INDUSTRIAL LOANS INSURANCE INTERNATIONAL BANK INTERNATIONAL FINANCIAL STATISTICS INVENTORIES INVENTORY INVESTING INVESTMENT CASH FLOW SENSITIVITIES INVESTMENT DECISIONS INVESTMENT OPPORTUNITIES INVESTMENT PATTERNS INVESTMENT-CASH FLOW SENSITIVITIES ISSUANCE LEVERAGE LIMITED ACCESS LIQUIDITY LIQUIDITY CRUNCH LIQUIDITY MANAGEMENT LOCAL CURRENCY LONG TERM FINANCING LONG-TERM BORROWING LONG-TERM BORROWINGS LONG-TERM DEBT LONG-TERM DEBT MARKET LONG-TERM DEBT MARKETS LONG-TERM INVESTMENTS MARKET INTEGRATION MARKET RISK MATURITY MISMATCH MERGER MERGERS MICRO DATA NATIONAL INCOME NET CAPITAL OUTPUT OVERDRAFTS POSITIVE COEFFICIENT PRIVATE CREDIT PRIVATE SECTOR BANK PRIVATE SECTOR CREDIT PRIVATE SECTOR DEVELOPMENT PROFITABILITY PUBLIC POLICY REAL ECONOMIC ACTIVITY REAL ESTATE REAL ESTATE LOANS REAL GDP RECESSION RECESSIONS RECOVERY PERIOD RECOVERY PERIODS RESOLUTION MECHANISMS RETURN RETURNS SALE OF INVESTMENTS SALE OF PROPERTY SAVINGS SECURITIES SELF-FINANCING SHAREHOLDER SHORT TERM BORROWING SHORT TERM BORROWINGS SHORT TERM CREDIT SHORT-TERM BORROWING SHORT-TERM DEBT SHORT-TERM DEBTS SHORT-TERM FINANCING SOURCES OF CREDIT STOCK ISSUANCE STOCK ISSUANCES STOCK OPTIONS SYSTEMIC BANKING CRISES SYSTEMIC CRISES TERM CREDIT TRANSITION ECONOMIES TROUGH VALUE ADDED WAGES WARRANTS WORKING CAPITAL WORLD DEVELOPMENT INDICATORS
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110919161453 http://hdl.handle.net/10986/3563

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http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110919161453
http://hdl.handle.net/10986/3563

Do Phoenix Miracles Exist? Firm-Level Evidence from Financial Crises

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