How Long to Read Do FX Interventions Lead to Higher FX Debt? Evidence from Firm-Level Data
By Minsuk Kim
How Long Does it Take to Read Do FX Interventions Lead to Higher FX Debt? Evidence from Firm-Level Data?
It takes the average reader and 35 minutes to read Do FX Interventions Lead to Higher FX Debt? Evidence from Firm-Level Data by Minsuk Kim
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Description
Central banks often buy or sell reserves---so called FX interventions (FXIs)---to dampen sharp exchange rate movements caused by volatile capital flows. At the same time, these interventions may entail unintended side effects. In this paper, we investigate whether FXIs incentivize firms to take on more unhedged FX debt, thereby increasing medium-term corporate vulnerabilities. Using a novel dataset with close to 5,000 nonfinancial firms across 19 emerging markets covering 2002--2017, we find that the firm-level share of FX debt rises following intensive use of FXIs, particularly for non-exporting firms in shallow financial markets with no FX debt to begin with. The magnitude of this effect is economically significant, with one standard deviation increase in FXI leading to an average 2 percentage points increase in the FX debt share. For reference, the median share of FX debt in the sample is zero.
How long is Do FX Interventions Lead to Higher FX Debt? Evidence from Firm-Level Data?
Do FX Interventions Lead to Higher FX Debt? Evidence from Firm-Level Data by Minsuk Kim is 35 pages long, and a total of 8,925 words.
This makes it 12% the length of the average book. It also has 11% more words than the average book.
How Long Does it Take to Read Do FX Interventions Lead to Higher FX Debt? Evidence from Firm-Level Data Aloud?
The average oral reading speed is 183 words per minute. This means it takes and 48 minutes to read Do FX Interventions Lead to Higher FX Debt? Evidence from Firm-Level Data aloud.
What Reading Level is Do FX Interventions Lead to Higher FX Debt? Evidence from Firm-Level Data?
Do FX Interventions Lead to Higher FX Debt? Evidence from Firm-Level Data is suitable for students ages 8 and up.
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