In general, non-U.S. companies have much higher debt ratios than their U.S. counterparts because financial markets are much more developed in the United States than elsewhere.

Question

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Financial markets in the United States are more developed than in other countries, which makes it easier for companies to raise debt financing. As a result, non-U.S. companies have to rely more on debt financing, which leads to higher debt ratios.

In General, Non-U