This paper surveys the literature to document the main stylized facts, risks, and policy
challenges related to the expansion of global nonfinancial corporate debt after the 2008–09 …

The global financial crisis triggered severe shocks for developing countries, whose embrace
of greater commercial and financial openness has increased their exposure to external …

We provide a comprehensive account of the evolution of the currency composition of
sovereign and corporate external borrowing by emerging markets from 2003 to 2017. We …

Emerging markets firms often carry foreign-currency debt on their balance sheets. Following
a depreciation, the expanding “peso” value of “dollar” liabilities could, via a net-worth effect …

Foreign currency loans represent an important feature of recent financial developments in
CEECs. This might pose a serious challenge for macroeconomic stability. Against this …

We examine the firm-and country-level determinants of foreign currency borrowing by small
firms, using information on the most recent loan extended to 3101 firms in 25 transition …

This paper discusses Chile's experience with international borrowing over the last two
decades. This period allows us to contrast the Chilean experience during two recent …

Using a unique dataset with information on the currency composition of firms' assets and
liabilities in six Latin-American countries, I investigate how the choice of exchange rate …

We examine how bank funding structure and securitization activities affect the currency
denomination of business loans. We analyze a unique data set that includes information on …

We use detailed firm-level data from Mexico to document that non-financial corporations
engage in carry trades by borrowing in foreign currency (FX) and lending in domestic …