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Zur Entwicklung der Unternehmensverschuldung in Schwellenländern

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  • Gern, Klaus-Jürgen
  • Hauber, Philipp

Abstract

Die Unternehmensverschuldung in Schwellenländern hat in den letzten Jahren stark zugenommen. Der Schuldenstand nichtfinanzieller Kapitalgesellschaften hat sich seit 2007 von etwa 7 Bill. US-Dollar auf 18 Bill. US-Dollar im Jahr 2014 mehr als verdoppelt. Gleichzeitig hat sich die Zusammensetzung der Verschuldung verändert. Zwar kommt der klassischen Kreditvergabe von Banken (oder bankenähnlichen Institutionen) weiterhin eine große Bedeutung zu. Nach 2008 hat aber auch die Verschuldung in Form von Unternehmensanleihen deutlich zugenommen und machte Berechnungen des IWF zufolge im Jahr 2014 rund 17 Prozent der gesamten Verschuldung in Schwellenländern aus. Damit ging auch ein Anstieg der Verschuldung in Fremdwährungen einher, da der überwiegende Anteil der Unternehmensanleihen weiterhin in US-Dollar denominiert ist. Die Unterschiede zwischen den einzelnen Ländern sind dabei beträchtlich - sowohl was den Anstieg als auch das Niveau der Verschuldung insgesamt betrifft.

Suggested Citation

  • Gern, Klaus-Jürgen & Hauber, Philipp, 2015. "Zur Entwicklung der Unternehmensverschuldung in Schwellenländern," Kiel Insight 2015.21, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwbox:201521
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    1. Feyen,Erik H.B. & Ghosh,Swati R. & Kibuuka,Katie & Farazi,Subika, 2015. "Global liquidity and external bond issuance in emerging markets and developing economies," Policy Research Working Paper Series 7363, The World Bank.
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    1. Gern, Klaus-Jürgen & Hauber, Philipp & Kooths, Stefan & Stolzenburg, Ulrich, 2016. "Weltkonjunktur im Winter 2016 - Weltkonjunktur expandiert allmählich etwas stärker [World Economy Winter 2016 - World economy is gaining traction]," Kieler Konjunkturberichte 25, Kiel Institute for the World Economy (IfW Kiel).

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