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
Resource Information
The item How do exchange rate regimes affect firms' incentives to hedge currency risk? : micro evidence for Latin America, Herman Kamil represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in University of San Diego Libraries.This item is available to borrow from 1 library branch.
Resource Information
The item How do exchange rate regimes affect firms' incentives to hedge currency risk? : micro evidence for Latin America, Herman Kamil represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in University of San Diego Libraries.
This item is available to borrow from 1 library branch.
- 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
- Language
- eng
- Extent
- 1 online resource (54 pages)
- Note
-
- "March 2012."
- At head of title: Western Hemisphere Department
- Title from PDF title page (IMF Web site, viewed March 6, 2012)
- 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
- Isbn
- 9781463939052
- 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
- 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
- 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
- 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
- 9781463939052
- 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
- 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
- 9781463939052
- 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
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