Journal ArticleDOI
Debt composition and balance sheet effects of exchange rate depreciations: a firm-level analysis for Chile
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In this article, the authors studied the behavior of foreign currency borrowing, maturity, sales and investment decisions of firms listed in the Chilean Stock Exchange from 1994 to 2001, assessing whether in the aftermath of the Asian crisis of the late 1990s the depreciation of the local currency (Chilean peso) affected these firms’ real and financial decisions.About:
This article is published in Emerging Markets Review.The article was published on 2003-12-01. It has received 105 citations till now. The article focuses on the topics: Internal debt & Debt ratio.read more
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Debt composition and balance sheet effects of currency depreciation: a summary of the micro evidence
TL;DR: The authors surveys recent empirical evidence on the determinants of the currency composition of debt, and on the impact of exchange rate fluctuations on economic activity, and suggests that Latin American firms tend to partially match the composition of their debt with the currency compositions of their income stream but the liability dollarization can reduce or possibly reverse the typical Mundell-Fleming result of expansionary devaluations.
Journal ArticleDOI
Foreign banks and foreign currency lending in emerging Europe
Martin Brown,Ralph de Haas +1 more
TL;DR: In this article, the authors provided the first bank-level analysis of the relationship between bank ownership, bank funding and foreign currency (FX) lending across emerging Europe based on survey data from 193 banks in 20 countries.
Journal ArticleDOI
Foreign currency borrowing by small firms in the transition economies
TL;DR: This paper examined the firm-and country-level determinants of foreign currency borrowing by small firms, using information on the most recent loan extended to 3101 firms in 25 transition countries between 2002 and 2005.
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Corporate Dollar Debt and Depreciations: Much Ado About Nothing?
Hoyt Bleakley,Kevin Cowan +1 more
TL;DR: This article found that firms holding more dollar debt do not invest less than their peso-indebted counterparts following a depreciation and that these firms match the currency denomination of their liabilities with the exchange rate sensitivity of their profits.
Journal ArticleDOI
Real Exchange Rates, Dollarization and Industrial Employment in Latin America
TL;DR: In this paper, the authors used a panel dataset on industrial employment and trade for 9 Latin American countries for which liability dollarization data at the industrial level is available, and tested whether real exchange rate fluctuations have a significant impact on employment, and analyzed whether the impact varies with the degree of trade openness and currency dollarization.
References
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Large sample properties of generalized method of moments estimators
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Formulation and estimation of dynamic models using panel data
TL;DR: In this article, the authors present a statistical analysis of time series regression models for longitudinal data with and without lagged dependent variables under a variety of assumptions about the initial conditions of the processes being analyzed.
Report SeriesDOI
Dynamic panel data models: A guide to micro data methods and practice
TL;DR: This paper reviewed econometric methods for dynamic panel data models, and presented examples that illustrate the use of these procedures for the analysis of large number of individuals or firms observed for a small number of time periods.
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Dynamic panel data models: a guide to microdata methods and practice
TL;DR: In this article, the focus is on panels where a large number of individuals or firms are observed for a small number of time periods, typical of applications with microeconomic data, and the emphasis is on single equation models with autoregressive dynamics and explanatory variables.
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Financial Structure in Chile: Macroeconomic Developments and Microeconomic Effects
Francisco Gallego,Norman Loayza +1 more
TL;DR: In this paper, the authors describe the developments in Chilean financial markets at the macroeconomic level and examine their effects at the level of firms, and analyze the access to financial markets, the financing (balance-sheet) structure, and the revenue growth performance in a sample of 79 Chilean firms during the period 1985-1995.