The benign interest rate environment that helped cushion the aftermath of the Great Recession is ending. While this is expected to play out over the year, it is already changing the dynamics between borrowers and lenders and will affect the large stock of dollar-denominated debt held outside the U.S., hitting emerging economies particularly hard. Companies seeking finance at every stage in the growth cycle will need to weigh the optimum lending structure, given the monetary and fiscal policy changes ahead in the major international economies, especially but not exclusively the U.S. In many developed economies there is no shortage of capital providers within and outside the mainstream lenders, including both the private equity and debt sectors. The relatively well-capitalized U.S. money center banks are well placed in this market, but there is much official support for companies in other economies to develop target industries.
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