全球智库信息集成服务系统(G2TT): Endogenous Corporate Leverage Response to a Safer Macro Environment: The Case of Foreign Exchange Reserve Accumulation

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w26545
来源ID	Working Paper 26545
	Endogenous Corporate Leverage Response to a Safer Macro Environment: The Case of Foreign Exchange Reserve Accumulation
	Hui Tong; Shang-Jin Wei
发表日期	2019-12-16
出版年	2019
语种	英语
摘要	A country may adopt policy measures such as raising its foreign exchange reserves to better prepare for foreign interest rate shocks or sudden reversal of international capital flows, which in principle should reduce financial vulnerability for its firms and the entire economy, but the beneficial effect of such policies may be partially offset by endogenous firms’ decisions to take on more risks. We present a robust but previously undocumented relationship between corporate leverage and country-level foreign exchange reserve holdings. For 6610 non-financial firms in 23 emerging markets from 2000 to 2006, we show that more foreign reserve accumulation leads to higher corporate leverage. While the reserve accumulation can reduce macroeconomic uncertainty, the increase in corporate leverage is also significantly greater in sectors that are intrinsically more sensitive to policy uncertainty. We go from correlation to causality via a two-prong instrumental variable strategy: simultaneously (1) instrumenting FX reserves by global commodity price movement, and (2) examining leverage of firms outside the commodity-sensitive sectors.
主题	International Economics ; International Finance ; Financial Economics ; Corporate Finance
URL	https://www.nber.org/papers/w26545
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/584219
推荐引用方式 GB/T 7714	Hui Tong,Shang-Jin Wei. Endogenous Corporate Leverage Response to a Safer Macro Environment: The Case of Foreign Exchange Reserve Accumulation. 2019.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w26545.pdf（272KB）	智库出版物		限制开放	CC BY-NC-SA	浏览