1021期 10月8日:International Trade and the Currency Composition of Corporate Debt(Yang Jiao,助理教授,复旦大学泛海国际金融学院)

时间:2019-09-27

【主题】International Trade and the Currency Composition of Corporate Debt
【报告人】Yang Jiao (助理教授,复旦大学泛海国际金融学院)
【时间】10月8日(星期二) 15:30-17:00
【地点】经济学院楼401室
【语言】英文
【摘要】We link firms' foreign currency (FC) debt financing with their international trade activities. Using South Korean firm-level data which reports corporate debt currency composition, we document that firms with larger export revenue share borrows more in foreign currency, and firms borrow more in foreign currency when their export revenue share rises. Importantly, this relationship remains after we employ global demand shocks from South Korea's trading partners to instrument firms' export share. We further take into account the role of global supply chain when firms' foreign (currency) input share changes. Our findings suggest that since firms' FC debt financing decision seems to be endogenous to their revenue's (and input's) currency composition, the balance sheet effects arising from currency mismatch concerns in international finance may be largely mitigated.

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