| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13298 |
| DP13298 Currency depreciation and emerging market corporate distress | |
| Valentina Bruno; Hyun Song Shin | |
| 发表日期 | 2018-11-04 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | How do emerging market corporates fare during periods of currency depreciation? We find that non-financial firms that exploit favorable global financing conditions to issue US dollar bonds and build cash balances are also those whose share price is most vulnerable to local currency depreciation. In particular, firms' vulnerability to currency depreciation derives less from the foreign currency debt as such, but from the cash balances that are built up by using foreign currency debt. Overall, our results point to a financial motive for dollar bond issuance by emerging market firms in carry trade-like transactions that leave them vulnerable in an environment of dollar strength. |
| 主题 | Financial Economics ; International Macroeconomics and Finance |
| 关键词 | Emerging market corporate debt Currency mismatch Liability dollarization Global financial conditions |
| URL | https://cepr.org/publications/dp13298 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542110 |
| 推荐引用方式 GB/T 7714 | Valentina Bruno,Hyun Song Shin. DP13298 Currency depreciation and emerging market corporate distress. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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