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The Real Effects of the Euro: Evidence from Corporate Investments

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  • Arturo Bris
  • Yrjö Koskinen
  • Mattias Nilsson

Abstract

We study how the adoption of the euro as the common currency in Europe has affected firms' investment rates. Using corporate data from the eleven countries that adopted the euro in January 1999, as well as from a control sample of five other European countries, our paper shows that: (i) the euro has increased investments for firms from countries that previously had weak currencies, (ii) the euro has had a positive impact on financially constrained firms' investments, and (iii) the euro has decreased investments for financially unconstrained firms from countries that previously had strong currencies. Copyright 2006, Oxford University Press.

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File URL: http://hdl.handle.net/10.1007/s10679-006-6977-3
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Bibliographic Info

Article provided by European Finance Association in its journal Review of Finance.

Volume (Year): 10 (2006)
Issue (Month): 1 ()
Pages: 1-37

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Handle: RePEc:oup:revfin:v:10:y:2006:i:1:p:1-37

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Cited by:
  1. Jappelli, Tullio & Pagano, Marco, 2008. "Financial Market Integration Under EMU," CEPR Discussion Papers 7091, C.E.P.R. Discussion Papers.
  2. Bartram, Sohnke M. & Karolyi, G. Andrew, 2004. "The Impact of the Introduction of the Euro on Foreign Exchange Rate Risk Exposures," Working Paper Series 2005-3, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
  3. Bris, Arturo & Koskinen, Yrjö & Nilsson, Mattias, 2011. "The euro and corporate financing," Research Discussion Papers 6/2011, Bank of Finland.
  4. Saumitra, Bhaduri & Sunanda, Rathi, 2012. "Bank firm nexus and its impact on firm performance: an Indian case study," MPRA Paper 38000, University Library of Munich, Germany.
  5. Wan, Jer-Yuh & Kao, Chung-Wei, 2008. "The euro and pound volatility dynamics: An investigation from conditional jump process," Research in International Business and Finance, Elsevier, vol. 22(2), pages 193-207, June.

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