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Crisis Financiera y Uso de Derivados Cambiarios en Empresas Exportadoras


  • María Gabriela Acharán
  • Roberto Alvarez
  • José Miguel Villena.


This 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.

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  • 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.
  • Handle: RePEc:chb:bcchwp:552

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    References listed on IDEAS

    1. Valeria Orellana & Paulina Rodríguez, 2008. "Methodology for Measuring Derivatives at the Central Bank of Chile," Economic Statistics Series 68, Central Bank of Chile.
    2. Heckman, James, 2013. "Sample selection bias as a specification error," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 31(3), pages 129-137.
    3. 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.
    4. 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.
    5. 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 Sc (ed.), External Vulnerability and Preventive Policies, edition 1, volume 10, chapter 7, pages 207-252 Central Bank of Chile.
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