Exchange Rates And The Firm
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Exchange Rates And Corporate Performance
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Author : Yakov Amihud
language : en
Publisher: Beard Books
Release Date : 2003
Exchange Rates And Corporate Performance written by Yakov Amihud and has been published by Beard Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
This is a reprint of a previously published book. It consists of a series of papers by experts in the field on how the exchange rate volatility of the 1980s affected the financial policies of international firms.
Exchange Rates And The Firm
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Author : Richard Friberg
language : en
Publisher: Palgrave Macmillan
Release Date : 1999
Exchange Rates And The Firm written by Richard Friberg and has been published by Palgrave Macmillan this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.
"Exchange Rates and the Firm is the first book to provide an integrated treatment of financial and operating strategies with respect to exchange rate variability. Theory and evidence on strategies for handling exchange rate variability from many areas of study in economics are assembled and assessed, with a focus on operating strategies. The non-technical presentation makes it well suited for advanced undergraduate and MBA students, practitioners and researchers who want an accessible synthesis of current research in this topical and important field of economic theory and practice."--BOOK JACKET.Title Summary field provided by Blackwell North America, Inc. All Rights Reserved
Exchange Rates And The Firm
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Author : R. Friberg
language : en
Publisher: Springer
Release Date : 1999-07-26
Exchange Rates And The Firm written by R. Friberg and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-07-26 with Business & Economics categories.
The first book to provide an integrated treatment of financial and operating strategies to exchange rate variability. The choice of price-setting currency, when and how to adjust prices, the limitations of hedging and segmentation of national markets are some of the issues analyzed. The book investigates the impact of EMU.
Real Exchange Rates Economic Complexity And Investment
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Author : Steve Brito
language : en
Publisher: International Monetary Fund
Release Date : 2018-05-10
Real Exchange Rates Economic Complexity And Investment written by Steve Brito and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-05-10 with Business & Economics categories.
We show that the response of firm-level investment to real exchange rate movements varies depending on the production structure of the economy. Firms in advanced economies and in emerging Asia increase investment when the domestic currency weakens, in line with the traditional Mundell-Fleming model. However, in other emerging market and developing economies, as well as some advanced economies with a low degree of structural economic complexity, corporate investment increases when the domestic currency strengthens. This result is consistent with Diaz Alejandro (1963)—in economies where capital goods are mostly imported, a stronger real exchange rate reduces investment costs for domestic firms.
How Do Exchange Rate Regimes Affect Firms Incentives To Hedge Currency Risk Micro Evidence For Latin America
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Author : Herman Kamil
language : en
Publisher: International Monetary Fund
Release Date : 2012-03-01
How Do Exchange Rate Regimes Affect Firms Incentives To Hedge Currency Risk Micro Evidence For Latin America written by Herman Kamil and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-03-01 with Business & Economics categories.
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 regime affects firms' foreign currency borrowing decisions and the associated currency mismatches in their balance sheets. I find that after countries switch from pegged to floating exchange rate regimes, firms reduce their levels of foreign currency exposures, in two ways. First, they reduce the share of debt contracted in foreign currency. Second, firms match more systematically their foreign currency liabilities with assets denominated in foreign currency and export revenues--effectively reducing their vulnerability to exchange rate shocks. More broadly, the study provides novel evidence on the impact of exchange rate regimes on the level of un-hedged foreign currency debt in the corporate sector and thus on aggregate financial stability.
Corporate Investment And The Real Exchange Rate
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Author : Mai Chi Dao
language : en
Publisher: International Monetary Fund
Release Date : 2017-08-07
Corporate Investment And The Real Exchange Rate written by Mai Chi Dao and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-08-07 with Business & Economics categories.
We examine the relationship between real exchange rate depreciations and indicators of firm performance using data for a sample of more than 30,000 firms from 66 (advanced and emerging market) countries over the 2000-2011 period. We show that depreciations boost profits, investment, and sales of firms that are more financially-constrained and have higher labor shares. These findings are consistent with the view that depreciations boost internal financing opportunities by reducing real wages, thereby spurring investment. We show that these effects on firm performance are enduring, including in the market valuation of firms.
Currency Mismatches And Vulnerability To Exchange Rate Shocks Nonfinancial Firms In Colombia
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Author : Mr.Adolfo Barajas
language : en
Publisher: International Monetary Fund
Release Date : 2017-11-22
Currency Mismatches And Vulnerability To Exchange Rate Shocks Nonfinancial Firms In Colombia written by Mr.Adolfo Barajas and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-11-22 with Business & Economics categories.
After building up foreign currency denominated (FC) liabilities over several years, Colombian firms might be vulnerable to a shift in external conditions. We undertake three empirical exercises to better understand these vulnerabilities. First, we identify the determinants of FC borrowing. Second, we investigate the implications for real activity, finding a balance sheet effect that transmits exchange rate fluctuations to investment and is asymmetric, much stronger for depreciations than for appreciations. Finally, we find that foreign exchange derivatives are not used solely for hedging, due in part to monetary authority intervention to smooth exchange rate volatility. However, a full explanation remains open for future research.
The Effect Of Changes In Exchange Rates On The Firm S Pricing And Output
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Author : Eugene Flood
language : en
Publisher:
Release Date : 1983
The Effect Of Changes In Exchange Rates On The Firm S Pricing And Output written by Eugene Flood and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1983 with categories.
Financial Development Exchange Rate Fluctuations And Debt Dollarization A Firm Level Evidence
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Author : Minsuk Kim
language : en
Publisher: International Monetary Fund
Release Date : 2019-08-02
Financial Development Exchange Rate Fluctuations And Debt Dollarization A Firm Level Evidence written by Minsuk Kim and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-08-02 with Business & Economics categories.
This paper examines how financial development influences the debt dollarization of nonfinancial firms in a sample of emerging market economies (EMEs). The macroeconomic channels are identified from an optimal portfolio allocation model and assessed empirically using the accounting information of nonfinancial firms from 21 EMEs during 2009–2017. The results show that financial development, measured by the private credit-to-GDP ratio, mainly reduces the influence of exchange rate volatility in determining a firm's debt currency composition, among other channels. Furthermore, the effect of exchange rate volatility becomes statistically insignificant beyond an estimated threshold credit-to-GDP ratio of 100 percent.
Exchange Rates Hedging And The Value Of The Firm
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Author : George Allayannis
language : en
Publisher:
Release Date : 1996
Exchange Rates Hedging And The Value Of The Firm written by George Allayannis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with categories.