| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17193 |
| DP17193 International Pecking Order | |
| Semyon Malamud; Egemen Eren; Haonan Zhou | |
| 发表日期 | 2022-04-07 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We document that corporates in emerging markets borrow more in foreign currency when the local currency provides a better hedge in downturns. We develop an international corporate finance model in which firms facing adverse selection choose the foreign currency share of their debt. In the unique separating equilibrium, good firms optimally expose themselves to currency risk to signal their type. The nature of this equilibrium crucially depends on the co-movement between cash flows and the exchange rate. We provide extensive empirical evidence for this signalling channel using micro data for firms in multiple emerging markets and event studies of local currency depreciation episodes. |
| 主题 | Financial Economics ; International Macroeconomics and Finance |
| 关键词 | Foreign currency debt Corporate debt Signalling Exchange rates Pecking order |
| URL | https://cepr.org/publications/dp17193 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/546189 |
| 推荐引用方式 GB/T 7714 | Semyon Malamud,Egemen Eren,Haonan Zhou. DP17193 International Pecking Order. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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