Does reserve accumulation lead to higher currency-risk taking in the corporate sector? Firm-level evidence for Latin America

MPRA Paper from University Library of Munich, Germany

Abstract: I explore an empirically robust but previously undocumented association between the foreign exchange re- serves accumulated by central banks of emerging market economies and dollar-denominated debt held in the balance sheets of non financial sector firms. Borrowing in dollars can have damaging e

Keywords: Foreign exchange reserves; foreign currency denominated debt; corporate risk-taking; currency depreciation (search for similar items in EconPapers)
JEL-codes: F3 F4 (search for similar items in EconPapers)
Date: 2010-11
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8)

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