| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28608 |
| 来源ID | Working Paper 28608 |
| Exchange Rate Fluctuations and Firm Leverage | |
| Ṣebnem Kalemli-Özcan; Ilhyock Shim; Xiaoxi Liu | |
| 发表日期 | 2021-03-29 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We quantify the effect of exchange rate fluctuations on firm leverage. When home currency appreciates, firms who hold foreign currency debt and local currency assets observe higher net worth as appreciation lowers the value of their foreign currency debt. These firms can borrow more as a result and increase their leverage. When home currency depreciates, the reverse happens as firms have to de-lever with a negative shock to their balance sheets. Using firm-level data for leverage from 10 emerging market economies during the period from 2002 to 2015, we show that firms operating in countries whose non-financial sectors hold more of the debt in foreign currency, increase (decrease) their leverage relatively more after home currency appreciations (depreciations). Combining the leverage data with firm-level FX debt data for 4 emerging market countries, we further show that our results hold at the most granular level. Our quantitative results are asymmetric: the effects of depreciations, that are generally associated with sudden stops, are quantitatively larger than those of appreciations, which take place at a slower pace over time during capital inflow episodes. As our exercise compares depreciations and appreciations of similar size, these results are suggestive of financial frictions being more binding during depreciations than a possible relaxation of such frictions during appreciations. |
| 主题 | International Economics ; International Finance |
| URL | https://www.nber.org/papers/w28608 |
| 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/586281 |
| 推荐引用方式 GB/T 7714 | Ṣebnem Kalemli-Özcan,Ilhyock Shim,Xiaoxi Liu. Exchange Rate Fluctuations and Firm Leverage. 2021. |
| 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 | ||
| w28608.pdf（368KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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