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Does reserve accumulation lead to higher currency-risk taking in the corporate sector? Firm-level evidence for Latin America

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  • Sengupta, Rajeswari

Abstract

I explore an empirically robust but previously undocumented association between the foreign exchange re- serves accumulated by central banks of emerging market economies and dollar-denominated debt held in the balance sheets of non financial sector firms. Borrowing in dollars can have damaging e

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 38888.

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Date of creation: Nov 2010
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Handle: RePEc:pra:mprapa:38888

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Related research

Keywords: Foreign exchange reserves; foreign currency denominated debt; corporate risk-taking; currency depreciation;

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References

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  1. Joshua Aizenman & Jaewoo Lee, 2005. "International reserves: precautionary versus mercantilist views, theory and evidence," Proceedings, Federal Reserve Bank of San Francisco.
  2. Aghion, Philippe & Bacchetta, Philippe & Banerjee, Abhijit, 2001. "Currency crises and monetary policy in an economy with credit constraints," European Economic Review, Elsevier, vol. 45(7), pages 1121-1150.
  3. George Allayannis & Gregory W. Brown & Leora F. Klapper, 2003. "Capital Structure and Financial Risk: Evidence from Foreign Debt Use in East Asia," Journal of Finance, American Finance Association, vol. 58(6), pages 2667-2710, December.
  4. Carlos O. Arteta, 2003. "Are financially dollarized countries more prone to costly crises?," International Finance Discussion Papers 763, Board of Governors of the Federal Reserve System (U.S.).
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Cited by:
  1. Herman Kamil, 2012. "How Do Exchange Rate Regimes Affect Firms' Incentives to Hedge Currency Risk? Micro Evidence for Latin America," IMF Working Papers 12/69, International Monetary Fund.

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