External shocks, financial distress and debt renegotiation: the case of Argentina

The Argentinean crisis of 2001 has incited a large body of literature seeking to explain its causes and dynamics. Although there was much debate on this topic, little effort has been invested in understanding the causes and consequences of the crisis at the microeconomic or firm level. In this sense...

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Autor principal: Chodos, Daniel Santiago
Otros Autores: Universidad Torcuato Di Tella
Formato: Tesis de maestría acceptedVersion
Lenguaje:Español
Publicado: Universidad Torcuato Di Tella 2017
Materias:
Economía > Deuda externa > Argentina
Crisis económica > 2001-2005 > Argentina
Devaluación
Tesis
Acceso en línea:http://repositorio.utdt.edu/handle/utdt/1017
Aporte de:
Repositorio Digital Universidad Torcuato Di Tella de Universidad Torcuato Di Tella
id I57-R16320.500.13098-1017
record_format dspace
institution Universidad Torcuato Di Tella
institution_str I-57
repository_str R-163
collection Repositorio Digital Universidad Torcuato Di Tella
language Español
orig_language_str_mv spa
topic Economía -- Deuda externa -- Argentina
Crisis económica -- 2001-2005 -- Argentina
Devaluación
Tesis
spellingShingle Economía -- Deuda externa -- Argentina
Crisis económica -- 2001-2005 -- Argentina
Devaluación
Tesis
Chodos, Daniel Santiago
External shocks, financial distress and debt renegotiation: the case of Argentina
description The Argentinean crisis of 2001 has incited a large body of literature seeking to explain its causes and dynamics. Although there was much debate on this topic, little effort has been invested in understanding the causes and consequences of the crisis at the microeconomic or firm level. In this sense, the present study is an attempt to fill this gap by studying the behavior of corporate defaults and restructuring processes for the years that followed the economic crisis in Argentina (2001-2005). The paper provides basic stylized facts on the causes of default as well as the characteristics of the firms that restructured their debts. The findings show that stock variables (like liquidity ratio, leverage and equity) matter when a firm defaults, but not flow variables (such as ROA or revenues from sales). Conversely, evidence shows that when firms restructure their debts, their decision is based in both types of variables. Finally, the study confirms the adverse effect of a nominal devaluation in the presence of firm-level currency mismatch (the so-called “balance sheet” effect).
author2 Universidad Torcuato Di Tella
author_facet Universidad Torcuato Di Tella
Chodos, Daniel Santiago
format Tesis de maestría
acceptedVersion
author Chodos, Daniel Santiago
author_sort Chodos, Daniel Santiago
title External shocks, financial distress and debt renegotiation: the case of Argentina
title_short External shocks, financial distress and debt renegotiation: the case of Argentina
title_full External shocks, financial distress and debt renegotiation: the case of Argentina
title_fullStr External shocks, financial distress and debt renegotiation: the case of Argentina
title_full_unstemmed External shocks, financial distress and debt renegotiation: the case of Argentina
title_sort external shocks, financial distress and debt renegotiation: the case of argentina
publisher Universidad Torcuato Di Tella
publishDate 2017
url http://repositorio.utdt.edu/handle/utdt/1017
work_keys_str_mv AT chodosdanielsantiago externalshocksfinancialdistressanddebtrenegotiationthecaseofargentina
bdutipo_str Repositorios
_version_ 1764820542899093511

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