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Financing Decisions of Firms and Central Bank Policy

Abstract : This paper aims to explain why unhedged foreign borrowing by South East Asian corporations rose sharply during the few years prior to the crisis despite little change in fundamentals. We show that decisions of firms and decisions of the central bank are complementary. Consequently, a small shock to fundamentals may have a large and permanent impact on the equilibrium composition of firms' borrowing.
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https://hal-hec.archives-ouvertes.fr/hal-00460037
Contributor : Antoine Haldemann <>
Submitted on : Friday, February 26, 2010 - 9:55:41 AM
Last modification on : Thursday, January 11, 2018 - 6:19:31 AM

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Jacques Olivier, Ai-Ting Goh. Financing Decisions of Firms and Central Bank Policy. Journal of International Money and Finance, Elsevier, 2004, Vol.23,n°7-8, pp.1187-1207. ⟨10.1016/j.jimonfin.2004.09.002⟩. ⟨hal-00460037⟩

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