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 …

This paper shows that the Russian 1998 crisis had a big impact on capital flows to Emerging
Market Economies, EMs, especially in Latin America, and that the impact of the Russian …

In the past fifteen to twenty years, many developing countries have experienced a process
known as financial dollarization (FD), in which residents hold deposits denominated in …

Domestic-currency invoicing and hedging allow internationally active firms to reduce their
exposure to exchange rate variations. This paper argues that domestic-currency invoicing …

Growing currency mismatches in the emerging market economies (EME s) since 2010 have
been driven by non‐financial companies. Their financing conditions were greatly eased by …

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 …

Foreign currency debt has led to many crises in emerging markets. However, in the past
decade, firms in emerging economies have drastically increased their foreign currency …

Emerging market firms frequently borrow in foreign currency (FX), but their assets are often
denominated in domestic currency. This behavior leads to an FX mismatch on firms balance …

We investigate the determinants of firms' use of foreign currency derivatives in emerging
markets exposed to currency crises. We develop a model where a firm with international …

Following a severe currency crisis in 1998, the Brazilian economy switched from a fixed to a
floating exchange rate regime in 1999. Brazilian firms that had accumulated foreign currency …