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A Note On The New Wave Of Foreign-Currency Debt For Lac Non-Financial Firms

Author

Listed:
  • Javier García Cicco

    (Banco Central de la República Argentina)

  • Enrique Kawamura

    (Universidad de San Andrés)

Abstract

This paper presents new evidence on foreign-currency debt of non-financial compa-nies in six Latin-American countries, including years in the aftermath of the sub-pri-me crisis. The paper differentiates between total debt and financial debt in foreign currency. Main results indicate that some firm-specific features are key to unders-tand foreign currency debt. Exporting firms behave differently between total fore-ign-currency debt and financial currency debt. Exporters hold more total foreign-currency debt than the average firm while they hold less financial foreign-currency debt. Foreign-owned firms hold less total debt in foreign currency. Macroeconomic variables only play some role when interacting with specific firm characteristics.

Suggested Citation

  • Javier García Cicco & Enrique Kawamura, 2019. "A Note On The New Wave Of Foreign-Currency Debt For Lac Non-Financial Firms," Revista de Economía Política de Buenos Aires, Universidad de Buenos Aires. Facultad de Ciencias Económicas., issue 18, pages 50-76, June.
    • Handle: RePEc:ake:repba1:y:2019:i:18:p:50-76
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    More about this item

    Keywords

    foreign-currency debt; firm-level characteristics;

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • L62 - Industrial Organization - - Industry Studies: Manufacturing - - - Automobiles; Other Transportation Equipment; Related Parts and Equipment
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology

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