CORPORATE DOLLAR DEBT AND DEPRECIATIONS: MUCH ADO ABOUT NOTHING?

被引：59

作者：

Bleakley, Hoyt ^{[1
]}

Cowan, Kevin ^{[2
]}

机构：

[1] Univ Chicago, Grad Sch Business, Chicago, IL 60637 USA

[2] Cent Bank Chile, Santiago, Chile

来源：

REVIEW OF ECONOMICS AND STATISTICS | 2008年 / 90卷 / 04期

关键词：

D O I：

10.1162/rest.90.4.612

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Emerging-markets firms often carry foreign-currency debt on their balance sheets. Following a depreciation, the expanding "peso" value of "dollar" liabilities could, via a net-worth effect, offset the expansionary competitiveness effect. To assess which effect dominates, we use accounting data (including the currency composition of liabilities) for 450+ nonfinancial firms in five Latin American countries in the 1990s. We find that firms holding more dollar debt do not invest less than their pesoindebted counterparts following a depreciation. We also show that these firms match the currency denomination of their liabilities with the exchange rate sensitivity of their profits.

引用

页码：612 / 626

页数：15

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