DOLLARIZATION OF DEBT CONTRACTS: EVIDENCE FROM CHILEAN FIRMS

被引：4

作者：

Fuentes, Miguel ^{[1
]}

机构：

[1] Banco Cent Chile, Santiago, Chile

来源：

DEVELOPING ECONOMIES | 2009年 / 47卷 / 04期

关键词：

Balance-sheet effects; Currency mismatches; Dollarization; Macroeconomics of developing countries; F31; F49; FOREIGN-CURRENCY DEBT; FINANCIAL DOLLARIZATION; COMMODITY CURRENCIES; INVESTMENT; MEXICO;

D O I：

10.1111/j.1746-1049.2009.00094.x

中图分类号：

F0 [经济学]; F1 [世界各国经济概况、经济史、经济地理]; C [社会科学总论];

学科分类号：

0201 ; 020105 ; 03 ; 0303 ;

摘要：

This paper uses a new data set to estimate the causes and consequences of foreign currency debt in firms' balance sheets. The evidence from this sample of Chilean firms indicates that dollar-denominated debt increases with firms' size and degree of exposure to foreign competition. We find evidence that dollar-denominated debt combines with exchange rate movements to produce a negative balance-sheet effect that reduces firms' investment in periods of strong exchange rate depreciation. This negative balance-sheet effect is associated with long-term debt and appears to be nonlinear in the amount of real exchange rate depreciation.

引用

页码：458 / 487

页数：30

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