This paper explores corporate financial structure using data for the United States, Hong, Kong, Indonesia and Korea, Malaysia and Thailand. We consider whether debt structure responds similarly in emerging Asia and the US, whether there is a distinct low-interest rate effect on corporate debt, and whether we can isolate demand-and supply-side effects of falling interest rates. Finally, we explore the extent to which firms that are relatively bank dependent, small or based in manufacturing industries face greater sensitivity to balance sheet variables that influence supply. We conclude that while the response to variables is similar in the US and emerging Asia, there are significant differences as monetary policy loosens, and there is evidence of stronger supply-side response in the US. Firm type does influence the sensitivity of the response to the balance sheet.-Wing. Any remaining errors are our own.