Insolvency Prospects Among Small And Medium Sized Enterprises In Advanced Economies

Download Insolvency Prospects Among Small And Medium Sized Enterprises In Advanced Economies full books in PDF, epub, and Kindle. Read online Insolvency Prospects Among Small And Medium Sized Enterprises In Advanced Economies ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!

Insolvency Prospects Among Small-and-Medium-Sized Enterprises in Advanced Economies

Author : Mr.Federico J Diez
Publisher : International Monetary Fund
ISBN 13 : 1513574566
Total Pages : 29 pages
Book Rating : 4.5/5 (135 download)

DOWNLOAD NOW!

Book Synopsis Insolvency Prospects Among Small-and-Medium-Sized Enterprises in Advanced Economies by : Mr.Federico J Diez

Download or read book Insolvency Prospects Among Small-and-Medium-Sized Enterprises in Advanced Economies written by Mr.Federico J Diez and published by International Monetary Fund. This book was released on 2021-04-02 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 pandemic has increased insolvency risks, especially among small and medium enterprises (SMEs), which are vastly overrepresented in hard-hit sectors. Without government intervention, even firms that are viable a priori could end up being liquidated—particularly in sectors characterized by labor-intensive technologies, threatening both macroeconomic and social stability. This staff discussion note assesses the impact of the pandemic on SME insolvency risks and policy options to address them. It quantifies the impact of weaker aggregate demand, changes in sectoral consumption patterns, and lockdowns on firm balance sheets and estimates the impact of a range of policy options, for a large sample of SMEs in (mostly) advanced economies.

Micro, Small, and Medium Enterprise Insolvency

Author : Ronald Davis
Publisher : Oxford University Press, USA
ISBN 13 : 9780198799931
Total Pages : 226 pages
Book Rating : 4.7/5 (999 download)

DOWNLOAD NOW!

Book Synopsis Micro, Small, and Medium Enterprise Insolvency by : Ronald Davis

Download or read book Micro, Small, and Medium Enterprise Insolvency written by Ronald Davis and published by Oxford University Press, USA. This book was released on 2018 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book reconsiders the treatment of distressed Micro, Small and Medium Enterprises (MSMEs). Recognising that insolvency systems traditionally suit larger enterprises, and that they do not always apply neatly to smaller entities, the book proposes a 'modular' approach designed to facilitate the treatment of smaller enterprises in distress.

Corporate Liquidity and Solvency in Europe during COVID-19: The Role of Policies

Author : Mr.Christian H Ebeke
Publisher : International Monetary Fund
ISBN 13 : 1513570919
Total Pages : 48 pages
Book Rating : 4.5/5 (135 download)

DOWNLOAD NOW!

Book Synopsis Corporate Liquidity and Solvency in Europe during COVID-19: The Role of Policies by : Mr.Christian H Ebeke

Download or read book Corporate Liquidity and Solvency in Europe during COVID-19: The Role of Policies written by Mr.Christian H Ebeke and published by International Monetary Fund. This book was released on 2021-03-02 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The spread of COVID-19, containment measures, and general uncertainty led to a sharp reduction in activity in the first half of 2020. Europe was hit particularly hard—the economic contraction in 2020 is estimated to have been among the largest in the world—with potentially severe repercussions on its nonfinancial corporations. A wave of corporate bankruptcies would generate mass unemployment, and a loss of productive capacity and firm-specific human capital. With many SMEs in Europe relying primarily on the banking sector for external finance, stress in the corporate sector could easily translate into pressures in the banking system (Aiyar et al., forthcoming).

Handbook of Research on Entrepreneurship and Organizational Resilience During Unprecedented Times

Author : Aloulou, Wassim J.
Publisher : IGI Global
ISBN 13 : 1668446073
Total Pages : 770 pages
Book Rating : 4.6/5 (684 download)

DOWNLOAD NOW!

Book Synopsis Handbook of Research on Entrepreneurship and Organizational Resilience During Unprecedented Times by : Aloulou, Wassim J.

Download or read book Handbook of Research on Entrepreneurship and Organizational Resilience During Unprecedented Times written by Aloulou, Wassim J. and published by IGI Global. This book was released on 2022-08-12 with total page 770 pages. Available in PDF, EPUB and Kindle. Book excerpt: Managerial, organizational, and entrepreneurial scholars across disciplines have discussed the topic of resilience from developed economies, yet much remains unknown on its practice during modern times and the crises that have recently affected daily lives, business, and workplaces. Moreover, few experiences of economic instability have been reported from emerging countries, where global competition, economic, social, environmental, and sanitary concerns remain as real challenges. It is essential that both researchers and practitioners explore new perspectives and tools to study resilience at many diverse levels and contexts. The Handbook of Research on Entrepreneurship and Organizational Resilience During Unprecedented Times explores experiences in different managerial, organizational, and entrepreneurial issues, particularly from the perspective of emerging countries. By investigating different levels with interdisciplinary approaches and integrative frameworks, it advances new perspectives for future research. Covering topics such as employee creativity, economic crisis, and supply chain management, this major reference work is an indispensable resource for entrepreneurs, business leaders and executives, marketing managers, human resource managers, organization behavior specialists, consultants, government officials, politicians, librarians, students and faculty of higher education, researchers, and academicians.

Financing SMEs and Entrepreneurs 2022 An OECD Scoreboard

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264720596
Total Pages : 274 pages
Book Rating : 4.2/5 (647 download)

DOWNLOAD NOW!

Book Synopsis Financing SMEs and Entrepreneurs 2022 An OECD Scoreboard by : OECD

Download or read book Financing SMEs and Entrepreneurs 2022 An OECD Scoreboard written by OECD and published by OECD Publishing. This book was released on 2022-03-29 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 crisis caused profound disruptions in the global economy, with SMEs and entrepreneurs, particularly hard hit. Swift measures implemented by governments and public financial institutions provided a crucial lifeline for liquidity-strapped SMEs. The 10th edition of Financing SMEs and Entrepreneurs 2022: An OECD Scoreboard sheds light on the impacts of the crisis on SME finance, tracking the latest developments in debt, equity, asset-based finance, and framework conditions, along with recent policy developments for 48 countries around the world.

SME Policy Index: Eastern Partner Countries 2024 Building Resilience in Challenging Times

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264956441
Total Pages : 452 pages
Book Rating : 4.2/5 (649 download)

DOWNLOAD NOW!

Book Synopsis SME Policy Index: Eastern Partner Countries 2024 Building Resilience in Challenging Times by : OECD

Download or read book SME Policy Index: Eastern Partner Countries 2024 Building Resilience in Challenging Times written by OECD and published by OECD Publishing. This book was released on 2023-12-13 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: The SME Policy Index: Eastern Partner Countries 2024 – Building resilience in challenging times is a unique benchmarking tool to assess and monitor progress in the design and implementation of SME policies against EU and international best practice.

India’s Financial System

Author : Mr. Alfred Schipke
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 290 pages
Book Rating : 4.4/5 (2 download)

DOWNLOAD NOW!

Book Synopsis India’s Financial System by : Mr. Alfred Schipke

Download or read book India’s Financial System written by Mr. Alfred Schipke and published by International Monetary Fund. This book was released on 2023-07-06 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: India has experienced a prolonged period of strong economic growth since it embarked on major structural reforms and economic liberalization in 1991, with real GDP growth averaging about 6.6 percent during 1991–2019. Millions have been lifted out of poverty. With a population of 1.4 billion and about 7 percent of the world economic output (in purchasing power parity terms), India is the third largest economy—after the US and China. As such, developments in India have significant global and regional implications, including via spillovers through international trade and global supply chains. At the same time, India’s economic development has not been linear and has been impacted by external and domestic shocks, some directly related to the financial sector. Indeed, India was not spared from external regional and global shocks, such as the Asian financial crisis (1997), the global financial crisis (2008), and more recently, the devastating impact of the COVID-19 pandemic (from 2020) and the war in Ukraine (2022). The economy has also been hit by domestic shocks. The book covers how to strengthen the financial system to support growth and reduce vulnerabilities by discussing the linkages between the financial sector and growth, improvements in bank lending to foster productivity, and measures to further develop India’s corporate bond market. The book reflects on India’s success in leveraging digitalization to foster financial inclusion and highlights how the financial system can help to address climate issues. This book digs deeper into the various facets of India’s financial sector to understand its strengths and opportunities and to elicit policy actions that could help the financial sector better support India’s growth potential.

Global Economic Prospects, January 2020

Author : World Bank Group
Publisher : World Bank Publications
ISBN 13 : 1464814694
Total Pages : 561 pages
Book Rating : 4.4/5 (648 download)

DOWNLOAD NOW!

Book Synopsis Global Economic Prospects, January 2020 by : World Bank Group

Download or read book Global Economic Prospects, January 2020 written by World Bank Group and published by World Bank Publications. This book was released on 2020-01-27 with total page 561 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global growth is projected to be slightly faster in 2020 than the post-crisis low registered last year. While growth could be stronger if reduced trade tensions lead to a sustained reduction in uncertainty, the balance of risks to the outlook is to the downside. Growth in emerging market and developing economies is also expected to remain subdued, continuing a decade of disappointing outcomes. A steep and widespread productivity growth slowdown has been underway in these economies since the global financial crisis, despite the largest, fastest, and most broad-based accumulation of debt since the 1970s. In addition, many emerging market and developing economies, including low-income countries, face the challenge of phasing out price controls that impose heavy fiscal cost and dampen investment. These circumstances add urgency to the need to implement measures to rebuild macroeconomic policy space and to undertake reforms to rekindle productivity growth. These efforts need to be supplemented by policies to promote inclusive and sustainable long-term growth and accelerate poverty alleviation. Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing countries, on a semiannual basis (in January and June). The January edition includes in-depth analyses of topical policy challenges faced by these economies, whereas the June edition contains shorter analytical pieces.

Digitalization and Resilience: Firm-level Evidence During the COVID-19 Pandemic

Author : Nordine Abidi
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.4/5 (2 download)

DOWNLOAD NOW!

Book Synopsis Digitalization and Resilience: Firm-level Evidence During the COVID-19 Pandemic by : Nordine Abidi

Download or read book Digitalization and Resilience: Firm-level Evidence During the COVID-19 Pandemic written by Nordine Abidi and published by International Monetary Fund. This book was released on 2022-02-18 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 pandemic has resulted in an unprecedented shock to firms with adverse consequences for existing productive capacities. At the same time, digitalization has increasingly been touted as a key pathway for mitigating economic losses from the pandemic, and we expect firms facing digital constraints to be less resilient to supply shocks. This paper uses firm-level data to investigate whether digitally-enabled firms have been able to mitigate economic losses arising from the pandemic better than digitally-constrained firms in the Middle East and Central Asia region using a difference-in-differences approach. Controlling for demand conditions, we find that digitally-enabled firms faced a lower decline in sales by about 4 percentage points during the pandemic compared to digitally-constrained firms, suggesting that digitalization acted as a hedge during the pandemic. Against this backdrop, our results suggest that policymakers need to close the digital gap and accelerate firms’ digital transformation. This will be essential for economies to bounce back from the pandemic, and build the foundations for future resilience.

Regional Economic Outlook, October 2021, Middle East and Central Asia: Trade-Offs Today for Transformation Tomorrow

Author : INTERNATIONAL MONETARY FUND.
Publisher : International Monetary Fund
ISBN 13 : 1513592777
Total Pages : 61 pages
Book Rating : 4.5/5 (135 download)

DOWNLOAD NOW!

Book Synopsis Regional Economic Outlook, October 2021, Middle East and Central Asia: Trade-Offs Today for Transformation Tomorrow by : INTERNATIONAL MONETARY FUND.

Download or read book Regional Economic Outlook, October 2021, Middle East and Central Asia: Trade-Offs Today for Transformation Tomorrow written by INTERNATIONAL MONETARY FUND. and published by International Monetary Fund. This book was released on 2021-10-19 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: A fragile recovery continues in the Middle East and Central Asia region. The region has made good progress since the beginning of the year, but new challenges have emerged. They include a pandemic wave in countries with weak vaccination progress and rising inflation, which has contributed to declining monetary policy space, adding to the difficulties posed by limited fiscal policy space. Additionally, divergent recoveries and concerns about economic scarring persist. Inequities are also on the rise, and countries will need to tackle the pandemic’s impact on debt, labor markets, and the corporate sector. Countries will face difficult tradeoffs amid this challenging environment as they continue to manage the current crisis. Ramping up vaccine acquisition and distribution remains the most urgent short-term priority. Additional support should be well targeted, and central banks may need to raise interest rates if inflation expectations start to increase. Improving policy frameworks will be important to reduce policy tradeoffs. Preparing for a new chapter by investing in a transformational recovery will be vital to the region’s future. Important priorities include reorienting the role of the state toward health, education, and social safety nets; leveraging global trends like digitalization; and investing in climate-resilient technology.

Firm Leverage and Boom-Bust Cycles

Author : Can Sever
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 39 pages
Book Rating : 4.4/5 (2 download)

DOWNLOAD NOW!

Book Synopsis Firm Leverage and Boom-Bust Cycles by : Can Sever

Download or read book Firm Leverage and Boom-Bust Cycles written by Can Sever and published by International Monetary Fund. This book was released on 2023-06-16 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the dynamic relationship between firm debt and real outcomes using data from 24 European economies over the period of 2000-2018. Based on macro data, it shows that a rise in credit to firms is associated with an increase in employment growth in the short-term, but employment growth declines in the medium-term. This pattern remains similar, even when the changes in credit to households are accounted for. Next, using data from a large sample of firms, it shows that firm leverage buildups predict similar boom-bust growth cycles in firm employment: Firms with a larger increase in leverage experience a boost in employment growth in the short-term, but employment growth decreases in the medium-term. Relatedly, the volatility of employment growth increases in the aftermath of firm leverage buildups. Finally, this paper provides suggestive evidence on the role of a financial channel in the relationship between firm leverage buildups and employment growth. The results show that a rise in firm leverage is associated with a persistently higher debt service ratio, pointing the drag on finances. Consistently, boom-bust growth cycles in the aftermath of firm leverage buildups are not limited to employment growth, but are also pronounced for investment. Moreover, the medium-term decline in firm employment growth as predicted by leverage buildups becomes even larger if aggregate financial conditions tighten. The findings are in favor of “lean against the wind” approach in policy making.

Policy Options for Supporting and Restructuring Firms Hit by the COVID-19 Crisis

Author : Ms. Juliana Dutra Araujo
Publisher : International Monetary Fund
ISBN 13 : 1513593463
Total Pages : 79 pages
Book Rating : 4.5/5 (135 download)

DOWNLOAD NOW!

Book Synopsis Policy Options for Supporting and Restructuring Firms Hit by the COVID-19 Crisis by : Ms. Juliana Dutra Araujo

Download or read book Policy Options for Supporting and Restructuring Firms Hit by the COVID-19 Crisis written by Ms. Juliana Dutra Araujo and published by International Monetary Fund. This book was released on 2022-02-23 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents principles that could guide the design of more targeted policy support and facilitate the restructuring of firms adversely impacted by the COVID-19 pandemic. To this end, the paper takes stock of vulnerabilities and risks in the enterprise sector and assesses countries’ preparedness to handle a large-scale restructuring of businesses. Crisis preparedness of insolvency systems is measured according to a newly designed indicator that includes five dimensions of the insolvency and restructuring regime (out-of-court restructuring, hybrid restructuring, reorganization, liquidation, and the institutional framework). Vulnerabilities tend to be more pronounced in jurisdictions with shortcomings in crisis preparedness, and those countries need to step up efforts to improve their insolvency systems.

COVID-19 and SME Failures

Author : Pierre-Olivier Gourinchas
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.:/5 (119 download)

DOWNLOAD NOW!

Book Synopsis COVID-19 and SME Failures by : Pierre-Olivier Gourinchas

Download or read book COVID-19 and SME Failures written by Pierre-Olivier Gourinchas and published by . This book was released on 2020 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: We estimate the impact of the COVID-19 crisis on business failures among small and medium size enterprises (SMEs) in seventeen countries using a large representative firm-level database. We use a simple model of firm cost-minimization and measure each firm's liquidity shortfall during and after COVID-19. Our framework allows for a rich combination of sectoral and aggregate supply, productivity, and demand shocks. We estimate a large increase in the failure rate of SMEs under COVID-19 of nearly 9 percentage points, absent government support. Accommodation & Food Services, Arts, Entertainment & Recreation, Education, and Other Services are among the most affected sectors. The jobs at risk due to COVID-19 related SME business failures represent 3.1 percent of private sector employment. Despite the large impact on business failures and employment, we estimate only moderate effects on the financial sector: the share of Non Performing Loans on bank balance sheets would increase by up to 11 percentage points, representing 0.3 percent of banks' assets and resulting in a 0.75 percentage point decline in the common equity Tier-1 capital ratio. We evaluate the cost and effectiveness of various policy interventions. The fiscal cost of an intervention that narrowly targets at risk firms can be modest (0.54% of GDP). However, at a similar level of effectiveness, non-targeted subsidies can be substantially more expensive (1.82% of GDP). Our results have important implications for the severity of the COVID-19 recession, the design of policies, and the speed of the recovery

Global Corporate Stress Tests—Impact of the COVID-19 Pandemic and Policy Responses

Author : Mr. Thierry Tressel
Publisher : International Monetary Fund
ISBN 13 : 1513590820
Total Pages : 54 pages
Book Rating : 4.5/5 (135 download)

DOWNLOAD NOW!

Book Synopsis Global Corporate Stress Tests—Impact of the COVID-19 Pandemic and Policy Responses by : Mr. Thierry Tressel

Download or read book Global Corporate Stress Tests—Impact of the COVID-19 Pandemic and Policy Responses written by Mr. Thierry Tressel and published by International Monetary Fund. This book was released on 2021-08-06 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate sector vulnerabilities have been a central policy topic since the outset of the COVID-19 pandemic. In this paper, we analyze some 17,000 publicly listed firms in a sample of 24 countries, and assess their ability to withstand shocks induced by the pandemic to their liquidity, viability and solvency. For this purpose, we develop novel multi-factor sensitivity analysis and dynamic scenario-based stress test techniques to assess the impact of shocks on firm’s ability to service their debt, and on their liquidity and solvency positions. Applying the October 2020 WEO baseline and adverse scenarios, we find that a large share of publicly-listed firms become vulnerable as a result of the pandemic shock and additional borrowing needs to overcome cash shortfalls are large, while firm behavioral responses and policies substantially help overcome the impact of the shock in the near term. Looking forward, while interest coverage ratios tend to improve over time after the initial shock as earnings recover in line with projected macroeconomic conditions, liquidity needs remain substantial in many firms across countries and across industries, while insolvencies rise over time in specific industries. To inform policy debates, we offer an approach to a triage between viable and unviable firms, and find that the needs for liquidity support of viable firms remain important beyond 2020, and that medium-term debt restructuring needs and liquidations of firms may be substantial in the medium-term.

Fiscal Monitor, October 2022

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 100 pages
Book Rating : 4.4/5 (2 download)

DOWNLOAD NOW!

Book Synopsis Fiscal Monitor, October 2022 by : International Monetary Fund

Download or read book Fiscal Monitor, October 2022 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2022-10-12 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: The report explores how fiscal policy can foster resilience by protecting households against large income and employment losses. Governments face increasingly difficult trade-offs in tackling the spikes in food and energy prices when policy buffers are largely exhausted after two years of pandemic. They should prioritize protecting vulnerable groups through targeted support while keeping a tight fiscal stance to help reduce inflation. Building fiscal buffers in normal times would allow governments to respond swiftly and flexibly during adversities. Several fiscal tools, such as job-retention schemes, have proven useful to preserve jobs and income for workers. Social safety nets should be made more readily scalable and better targeted, leveraging digital technologies. Exceptional support to firms should be reserved for severe situations and requires sound fiscal risk management.

Global Financial Stability Report, April 2021

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1513569678
Total Pages : 92 pages
Book Rating : 4.5/5 (135 download)

DOWNLOAD NOW!

Book Synopsis Global Financial Stability Report, April 2021 by : International Monetary Fund

Download or read book Global Financial Stability Report, April 2021 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2021-04-06 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: Extraordinary policy measures have eased financial conditions and supported the economy, helping to contain financial stability risks. Chapter 1 warns that there is a pressing need to act to avoid a legacy of vulnerabilities while avoiding a broad tightening of financial conditions. Actions taken during the pandemic may have unintended consequences such as stretched valuations and rising financial vulnerabilities. The recovery is also expected to be asynchronous and divergent between advanced and emerging market economies. Given large external financing needs, several emerging markets face challenges, especially if a persistent rise in US rates brings about a repricing of risk and tighter financial conditions. The corporate sector in many countries is emerging from the pandemic overindebted, with notable differences depending on firm size and sector. Concerns about the credit quality of hard-hit borrowers and profitability are likely to weigh on the risk appetite of banks. Chapter 2 studies leverage in the nonfinancial private sector before and during the COVID-19 crisis, pointing out that policymakers face a trade-off between boosting growth in the short term by facilitating an easing of financial conditions and containing future downside risks. This trade-off may be amplified by the existing high and rapidly building leverage, increasing downside risks to future growth. The appropriate timing for deployment of macroprudential tools should be country-specific, depending on the pace of recovery, vulnerabilities, and policy tools available. Chapter 3 turns to the impact of the COVID-19 crisis on the commercial real estate sector. While there is little evidence of large price misalignments at the onset of the pandemic, signs of overvaluation have now emerged in some economies. Misalignments in commercial real estate prices, especially if they interact with other vulnerabilities, increase downside risks to future growth due to the possibility of sharp price corrections.

Corporate Sector Resilience in India in the Wake of the COVID-19 Shock

Author : Lucyna Gornicka
Publisher : International Monetary Fund
ISBN 13 : 1589065875
Total Pages : 31 pages
Book Rating : 4.5/5 (89 download)

DOWNLOAD NOW!

Book Synopsis Corporate Sector Resilience in India in the Wake of the COVID-19 Shock by : Lucyna Gornicka

Download or read book Corporate Sector Resilience in India in the Wake of the COVID-19 Shock written by Lucyna Gornicka and published by International Monetary Fund. This book was released on 2021-11-19 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: To assess the resilience of India’s corporate sector against COVID-19-related shocks, we conducted a series of stress tests using firm-level corporate balance sheet data. The results reveal a differential impact across sectors, with the most severe impact on contact-intensive services, construction, and manufacturing sectors, and micro, small, and medium enterprises. On policy impact, the results highlight that temporary policy measures have been particularly effective in supporting firm liquidity, but the impact on solvency is less pronounced. On financial sector balance sheets, we found that public sector banks are more vulnerable to stress in the corporate sector, partly due to their weaker starting capital positions. When considering forward-looking multiperiod growth scenarios, we find that the overall corporate performance will depend on the speed of recovery. A slower pace of recovery could lead to persistently high levels of debt at risk, especially in some services and industrial sectors.