Coverart for item
The Resource How do exchange rate regimes affect firms' incentives to hedge currency risk? : micro evidence for Latin America, Herman Kamil

How do exchange rate regimes affect firms' incentives to hedge currency risk? : micro evidence for Latin America, Herman Kamil

Label
How do exchange rate regimes affect firms' incentives to hedge currency risk? : micro evidence for Latin America
Title
How do exchange rate regimes affect firms' incentives to hedge currency risk?
Title remainder
micro evidence for Latin America
Statement of responsibility
Herman Kamil
Creator
Contributor
Author
Issuing body
Subject
Genre
Language
eng
Summary
Using a unique dataset with information on the currency composition of firms' assets and liabilities in six Latin-American countries, I investigate how the choice of exchange rate regime affects firms' foreign currency borrowing decisions and the associated currency mismatches in their balance sheets. I find that after countries switch from pegged to floating exchange rate regimes, firms reduce their levels of foreign currency exposures, in two ways. First, they reduce the share of debt contracted in foreign currency. Second, firms match more systematically their foreign currency liabilities with assets denominated in foreign currency and export revenues--effectively reducing their vulnerability to exchange rate shocks. More broadly, the study provides novel evidence on the impact of exchange rate regimes on the level of un-hedged foreign currency debt in the corporate sector and thus on aggregate financial stability
Member of
Cataloging source
DJB
http://bibfra.me/vocab/lite/collectionName
IMF eLibrary
http://library.link/vocab/creatorName
Kamil, Herman
Government publication
international or intergovernmental publication
Illustrations
  • illustrations
  • charts
Index
no index present
LC call number
  • HG3870.L29
  • HG3881.5.I58
LC item number
  • K36 2012 ONLINE
  • W67 No. 12/69 ONLINE
Literary form
non fiction
Nature of contents
  • dictionaries
  • bibliography
http://library.link/vocab/relatedWorkOrContributorName
International Monetary Fund
Series statement
IMF Working Paper
Series volume
WP/12/69
http://library.link/vocab/subjectName
  • Foreign exchange rates
  • Dollarization
  • Foreign exchange
  • Dollarization
  • Foreign exchange rates
  • Foreign exchange
  • Latin America
Label
How do exchange rate regimes affect firms' incentives to hedge currency risk? : micro evidence for Latin America, Herman Kamil
Instantiates
Publication
Copyright
Note
  • "March 2012."
  • At head of title: Western Hemisphere Department
  • Title from PDF title page (IMF Web site, viewed March 6, 2012)
Bibliography note
Includes bibliographical references
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Contents
  • Cover; Contents; I. Introduction; II. Theoretical Literature Review; III. Data Set and Basic Stylized Facts; A. The Firm-Level Dataset; Tables; 1. Number of Observations Used in Empirical Analyses; B. Exchange Rate Regimes; 2. Descriptive Statutes for Full Sample; Figures; 1. Cross Sectional Distribution of Dollar Debt Ratios Within Countries; 3. Exchange Rate Regimes and Measures of Exchange Rate Flexibility Within Regimes; C.A First Glance at the Data; 2. Dollarization of Liabilities of the Corporate Sector in Latin America; 3. Dollar Debt as a Share of National Currency Hedges
  • 5. Effect of Switch to Flexible Regimes of Different Points of the Cross-Sectional Distribution of Dollar Debt RatiosVIII. Conclusions; References; Appendices; I. Data Construction; II. Results Based on Event Study Techniques; III. Censored Quantile Regression
  • 6. The Effects of Exchange Rate Regimes on Currency Mismatches Robutness TestsD. Additional Statistical Checks; VI. Alternative Explanations; A. Changes in Regulations to Banks' Foreign Currency Lending; 7. The Effects of Exchange Rate Regimes on Currency Mismatches: Alternative Explanations; B. Differential Access to Credit and Ability to Expand Production During Crisis; VII. A Closer Look at the Data: Exploiting Changes in Entire Distribution of Firms' Dollar Debt Ratios; A. Conditional Quantile Estimates: Basic Framework; B. Results
  • IV. Baseline ResultsA. Dollarization Levels in Flexible versus Pegged Regimes; 4. The Effects of Exchange Rate Regimes on Firm-Level Dollarization; B. Currency Matching in Flexible versus Pegged Regimes; 5. The Effects of Exchange Rate Regimes on Balance Sheet Currency Mismatches; 4. Chile: Strong Accumulation of Net Dollar Assets Since Onset of Flexible Regime in 1999; V. Robustness Tests; A. Firms with No Foreign Currency Debt; B. Sample Selection Bias; C. Importance of Interest Rate Differentials and Exchange Rate Appreciation
Control code
779529161
Extent
1 online resource (54 pages)
Form of item
online
Isbn
9781463950231
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other physical details
illustrations
Specific material designation
remote
System control number
  • imfWPIEA2012069
  • (IMF)WPIEA2012069
  • (OCoLC)779529161
Label
How do exchange rate regimes affect firms' incentives to hedge currency risk? : micro evidence for Latin America, Herman Kamil
Publication
Copyright
Note
  • "March 2012."
  • At head of title: Western Hemisphere Department
  • Title from PDF title page (IMF Web site, viewed March 6, 2012)
Bibliography note
Includes bibliographical references
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Contents
  • Cover; Contents; I. Introduction; II. Theoretical Literature Review; III. Data Set and Basic Stylized Facts; A. The Firm-Level Dataset; Tables; 1. Number of Observations Used in Empirical Analyses; B. Exchange Rate Regimes; 2. Descriptive Statutes for Full Sample; Figures; 1. Cross Sectional Distribution of Dollar Debt Ratios Within Countries; 3. Exchange Rate Regimes and Measures of Exchange Rate Flexibility Within Regimes; C.A First Glance at the Data; 2. Dollarization of Liabilities of the Corporate Sector in Latin America; 3. Dollar Debt as a Share of National Currency Hedges
  • 5. Effect of Switch to Flexible Regimes of Different Points of the Cross-Sectional Distribution of Dollar Debt RatiosVIII. Conclusions; References; Appendices; I. Data Construction; II. Results Based on Event Study Techniques; III. Censored Quantile Regression
  • 6. The Effects of Exchange Rate Regimes on Currency Mismatches Robutness TestsD. Additional Statistical Checks; VI. Alternative Explanations; A. Changes in Regulations to Banks' Foreign Currency Lending; 7. The Effects of Exchange Rate Regimes on Currency Mismatches: Alternative Explanations; B. Differential Access to Credit and Ability to Expand Production During Crisis; VII. A Closer Look at the Data: Exploiting Changes in Entire Distribution of Firms' Dollar Debt Ratios; A. Conditional Quantile Estimates: Basic Framework; B. Results
  • IV. Baseline ResultsA. Dollarization Levels in Flexible versus Pegged Regimes; 4. The Effects of Exchange Rate Regimes on Firm-Level Dollarization; B. Currency Matching in Flexible versus Pegged Regimes; 5. The Effects of Exchange Rate Regimes on Balance Sheet Currency Mismatches; 4. Chile: Strong Accumulation of Net Dollar Assets Since Onset of Flexible Regime in 1999; V. Robustness Tests; A. Firms with No Foreign Currency Debt; B. Sample Selection Bias; C. Importance of Interest Rate Differentials and Exchange Rate Appreciation
Control code
779529161
Extent
1 online resource (54 pages)
Form of item
online
Isbn
9781463950231
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other physical details
illustrations
Specific material designation
remote
System control number
  • imfWPIEA2012069
  • (IMF)WPIEA2012069
  • (OCoLC)779529161

Library Locations

    • Pardee Legal Research CenterBorrow it
      5998 Alcalá Park, San Diego, CA, 92110-2492, US
      32.771471 -117.187496
Processing Feedback ...