## Figure 1.15. Emerging Market Corporate Debt under Rising Risk Premiums and Protectionism

## Source details

**Canonical URL:** [Figure 1.15. Emerging Market Corporate Debt under Rising Risk Premiums and Protectionism](https://www.imf.org/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-15.pdf)

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### Theme: Scenarios and Coverage
- Scenarios shown: rising global risk premiums; rising protectionism.
- Time labels present: 2010 11 12 13 14 15 16 17 (est).
- Vertical scales/axes shown in the figure:
  - Top chart scale: 0 2 4 6 8 10 12 14 16 18 20
  - Lower-left chart scale: 0 5 10 15 20 25
  - Lower-right chart scale: 0 2 4 6 8
- Sectors identified in top panel: Commodities; Industrials; Other; Utilities.
- Sources: S&P Capital IQ; and IMF staff estimates.
- Note: Current represents last 12 months, except for India, which uses fiscal year 2016 data. Est = estimate.

### Findings: Corporate debt with Interest Coverage Ratio < 1
- Chart title: "Corporate Debt with Interest Coverage Ratio < 1"
- Key finding stated in figure caption: "The weak tail of corporate debt rises significantly in a scenario of rising global risk premiums and rising protectionism."
- The metric displayed: Percent of total nonfinancial corporate debt.

### Country-level presentation (as shown)
- Countries included (order presented in the figure): Saudi Arabia; Mexico; Russia; South Africa; Brazil; Turkey; China; Indonesia; India.
- Two-panel presentation elements:
  - Left panel: "Current Debt at Risk (percent)"
  - Right panel: "Change under Scenarios (percentage points)" with separate series for:
    - Rising global risk premiums
    - Protectionism

### Interpretation cues from the figure
- The figure contrasts the current share of nonfinancial corporate debt with interest coverage ratio < 1 against the incremental change in that share under two adverse scenarios.
- The visualization emphasizes an expanded "weak tail" (higher share of debt with interest coverage ratio < 1) across emerging market economies under the two scenarios.

*Source: S&P Capital IQ; and IMF staff estimates.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-15.pdf_