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 …

Using Korean firm-level data on publicly-listed and privately-held firms together with firm exit
data, we find strong evidence that holdings of foreign-currency denominated debt negatively …

Financial dollarization in Latin America has been growing over time in spite of a major
reduction in inflation and a shift toward central bank independence. After discussing the key …

When firms borrow in foreign currency and are not perfectly hedged, exchange rate changes
can affect their ability to repay the debt. US loan-level data show that a 10 percent …

In research on the political economy of exchange rates, a good understanding of who will
endorse and who will oppose certain exchange-rate policies is central to understanding how …

We study the role of financial frictions and balance-sheet effects in accounting for the
dynamics of aggregate exports in large devaluations. We investigate a small open economy …

We estimate the impact of exchange rate volatility on firms' investment decisions in a
developing country setting. Employing plant-level panel data from the Colombian …

Using a new database on the currency composition of assets and liabilities, this paper
explores the determinants and consequences of currency mismatches in Chilean non …

Throughout his sharp writings and lucid presentations on Latin American economies,
Professor Werner Baer has shown a vivid interest in exchange rate policy and its growth and …

This paper analyzes empirically the role of financial market imperfections in the way
countries' exports react to a currency depreciation. Using quarterly data for 27 developed …