Crisis Financiera y Uso de Derivados Cambiarios en Empresas Exportadoras
AbstractThis paper explores the additional difficulties that smaller exporters could have faced during the recent financial crisis, specifically regarding their access to the exchange rate derivatives market. Using data of international trade and derivatives transactions between commercial banks and exporters, we find that this crisis has not been associated with a reduction in the percentage of exporters using exchange rate derivatives. This is true across exporters of different sizes. The evidence seems to be consistent with the fact that greater exchange rate volatility increases the utilization of these hedging instruments. Also, there is no evidence that smaller exporters haven been relatively more affected in terms of coverage, costs and terms of the contracts.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Central Bank of Chile in its journal Economía Chilena: Notas de Investigación Técnica.
Volume (Year): 13 (2010)
Issue (Month): 3 (December)
Other versions of this item:
- María Gabriela Acharán & Roberto Alvarez & José Miguel Villena., 2009. "Crisis Financiera y Uso de Derivados Cambiarios en Empresas Exportadoras," Working Papers Central Bank of Chile 552, Central Bank of Chile.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Kevin Cowan & Erwin Hansen & Luis Óscar Herrera, 2006. "Currency Mismatches in Chilean Nonfinancial Corporations," Central Banking, Analysis, and Economic Policies Book Series, in: Ricardo Caballero & César Calderón & Luis Felipe Céspedes & Norman Loayza (Series Editor) & Klaus (ed.), External Vulnerability and Preventive Policies, edition 1, volume 10, chapter 7, pages 207-252 Central Bank of Chile.
- Heckman, James J, 1979.
"Sample Selection Bias as a Specification Error,"
Econometric Society, vol. 47(1), pages 153-61, January.
- Luís Antonio Ahumada & Jorge Selaive C., 2007. "Desarrollo del mercado de derivados cambiarios en Chile," Revista de Analisis Economico – Economic Analysis Review, Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines, vol. 22(1), pages 35-58, June.
- Carlos Echeverría O. & Claudio Pardo M. & Jorge Selaive C., 2009. "Examen de las compensaciones y precios de suscripción en el mercado de derivados cambiarios chileno," Economic Statistics Series 71, Central Bank of Chile.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Claudio Sepulveda).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.