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Udichibarna Bose
Udichibarna Bose is a lecturer in finance at the Essex Business School, University of Essex. She received her Ph.D. in economics from the University of Glasgow (2016), M.Sc. economics from the University of Essex (2011), and B.A. (Hons.) economics from the University of Delhi (2010). Her research interests include corporate finance, international finance, and emerging markets finance.
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From abundant global liquidity to selective lending: How corporate finance has changed
Global credit has experienced significant changes in the last two decades. Analysing data on 1,160 Indian firms for the 2000-2017 period, this article shows that in the period following the global financial crisis, abundant global credit allowed firms to take advantage of relatively cheap financing abroad. However, since 2013, lenders are differentiating across borrowers and firms’ access to external finance has declined, with an associated reduction in their real investment activities.
Does easing controls on foreign borrowing boost firm performance?
The literature shows that rigid capital-control policies adversely influence international trade, but overlooks the relationships among access to external financing, firm-level productivity, and exporting performance. Using a dataset of 11,612 Indian firms over 1988-2014, this article finds a significant effect of capital-account liberalisation through an export-oriented policy initiative, on firms' productivity and exporting activity. The effect is stronger for financially vulnerable firms, as measured by high debt and low liquidity.
Have policy initiatives in emerging Asian economies improved firms' access to external finance?
Since the 1997-98 Asian financial crisis, policymakers in Asia have initiated a series of reforms aimed at developing and strengthening the regional financial markets. This column provides new evidence on the response of corporate financial choices to the introduction of these policy initiatives, in terms of external finance access and investment.