US corporates ‘substantially’ more leveraged than thought – Dallas Fed researchers


The US corporate sector is substantially more leveraged than commonly understood, two researchers from the Federal Reserve Bank of Dallas warn.

In an economic letter, Jill Cetina and Alex Musatov explain that the widely used debt-to-GDP ratio focuses on a narrow measure of debt – corporate bonds and loans – and excludes other types of corporate leverage.

The authors use data that measures other types of liabilities, including borrowings from private equity and hedge funds, trade finance and

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