文章基本信息

标题：Currency Mismatches and Vulnerability to Exchange Rate Shocks: Nonfinancial Firms in Colombia
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作者：Barajas, Adolfo ; Restrepo, Sergio ; Steiner, Roberto 等
期刊名称：IMF Policy Discussion Papers
出版年度：2017
期号：November
出版社：International Monetary Fund
摘要：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