دانلود مقاله ISI انگلیسی شماره 7091
ترجمه فارسی عنوان مقاله

ترکیب بدهی و اثرات ترازنامه استهلاک نرخ ارز: تجزیه و تحلیل در سطح بنگاه شیلی

عنوان انگلیسی
Debt composition and balance sheet effects of exchange rate depreciations: a firm-level analysis for Chile
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
7091 2003 20 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Emerging Markets Review, Volume 4, Issue 4, December 2003, Pages 397–416

ترجمه کلمات کلیدی
- اثرات ترازنامه - ترکیب بدهی و بلوغ - داده های پنل
کلمات کلیدی انگلیسی
Balance sheet effects,Debt composition and maturity,Panel data
پیش نمایش مقاله
پیش نمایش مقاله  ترکیب بدهی و اثرات ترازنامه استهلاک نرخ ارز: تجزیه و تحلیل در سطح بنگاه شیلی

چکیده انگلیسی

By studying the behavior of foreign currency borrowing, maturity, sales and the investment decisions of firms listed in the Chilean Stock Exchange from 1994 to 2001, this paper assesses whether in the aftermath of the Asian crisis of the late 1990s the depreciation of the local currency (Chilean peso) affected these firms’ real and financial decisions. At issue is the contrast between a negative net-worth effect and a potential expansionary competitiveness effect for the tradable sector. We find that there exists little evidence that devaluations cause a positive impact on investment and sales for firms with dollar denominated debt. The maturity structure of Chilean firms is mainly explained by the size of the companies. Large firms will have a debt structure biased to higher maturities. Analyzing dollar denominated debt composition the evidence shows that larger firms maintained a higher proportion of dollar denominated debt reflecting the development of the financial sector in Chile.