The paper studies the effect of joining a currency union on debt capital market access for firms in emerging countries. The study shows that: (i) firms in general do experience higher access post-entry (ii) National firms experience higher access both in unique and relative terms when compared to Multinational firms (iii) Sectors with higher leverage dependency experience higher access than less dependent sectors. The case of Estonia joining the European Monetary Union is analysed. The analysis uses a large panel of firms across the three Baltic countries, Estonia, Latvia & Lithuania, with an event period of 5 years, 2009-2013.

Schindler, D.S.
hdl.handle.net/2105/47895
Business Economics
Erasmus School of Economics

Amr Aladdin Mahmoud Abdullatif. (2019, August 19). The effects of currency unions on access to debt capital markets for firms: Empirical evidence from Estonia joining the Eurozone in 2011. Business Economics. Retrieved from http://hdl.handle.net/2105/47895