Foreign currency borrowing, exports and firm performance: evidence from a currency crisis

References

• Aghion, P., P. Bacchetta, and A. Banerjee. 2004. “A Corporate Balance-sheet Approach to Currency Crises.” Journal of Economic Theory 119: 6–30.
   Web of Science ®Google Scholar
• Amiti, M., and D. E. Weinstein. 2011. “Exports and Financial Shocks.” Quarterly Journal of Economics 126: 1841–1877.
   Web of Science ®Google Scholar
• Askenazy, P., A. Caldera, G. Gaulier, and D. Irac. 2015. “Financial Constraints and Foreign Market Entries or Exits: Firm Level Evidence from France.” Review of World Economics 151: 231–253.
   Web of Science ®Google Scholar
• Aw, B.-Y., S. Chung, and M. J. Roberts. 2000. “Productivity and Turnover in the Export Market: Micro-level Evidence from the Republic of Korea and Taiwan (China).” World Bank Economic Review 14: 65–90.
   Web of Science ®Google Scholar
• Aw, B.-Y., and A. R. Hwang. 1995. “Productivity and the Export Market: A Firm Level Analysis.” Journal of Development Economics 47: 313–332.
   Web of Science ®Google Scholar
• Bernard, A., J. Eaton, J. Jensen, and S. Kortum. 2003. “Plants and Productivity in International Trade.” American Economic Review 93: 1268–1290.
   Web of Science ®Google Scholar
• Bernard, A., and B. Jensen. 1999. “Exceptional Exporter Performance: Cause, Effect, or Both?” Journal of International Economics 47: 1–25.
   Web of Science ®Google Scholar
• Bernard, A., and B. Jensen. 2004. “Why Some Firms Export.” Review of Economics and Statistics 86: 561–569.
   Web of Science ®Google Scholar
• Bernini, M., S. Guillou, and F. Bellone. 2015. “Financial Leverage and Export Quality: Evidence from France.” Journal of Banking and Finance 59: 280–296.
   Web of Science ®Google Scholar
• Bleaney, M., S. Bougheas, and I. Skamnelos. 2008. “A Model of the Interactions Between Banking Crises and Currency Crises.” Journal of International Money and Finance 27: 695–706.
   Web of Science ®Google Scholar
• Bolton, P., and D. Scharfstein. 1990. “A Theory of Predation Based on Agency Problems in Financial Contracting.” American Economic Review 80: 93–106.
   Web of Science ®Google Scholar
• Borensztein, E., and J. W. Lee. 2002. “Financial Crisis and Credit Crunch in Korea: Evidence from Firm Level Data.” Journal of Monetary Economics 49: 853–875.
   Web of Science ®Google Scholar
• Bougheas, S., P. Mizen, and S. Silva. 2015. “The Open Economy Balance Sheet Channel and the Exporting Decisions of Firms: Evidence from the Brazilian Crisis of 1999.” Oxford Economic Papers 67: 1096–1122.
   Web of Science ®Google Scholar
• Bricogne, J.-C., L. Fontagné, F. Gaulier, D. Taglioni, and V. Vicard. 2012. “Firms and the Global Crisis: French Exports in the Turmoil.” Journal of International Economics 87: 134–146.
   Web of Science ®Google Scholar
• Caballero, R., and A. Krishnamurthy. 2001. “International and Domestic Collateral Constraints in a Model of Emerging Market Crises.” Journal of Monetary Economics 48: 513–548.
   Web of Science ®Google Scholar
• Campa, J.-M. 2004. “Exchange Rates and Trade: How Important Is Hysteresis in Trade?” European Economic Review 48: 527–548.
   Web of Science ®Google Scholar
• Campa, J.-M., and J. Shaver. 2001. “ Exporting and Capital Investment: On the Strategic Behavior of Exporters.” New York University, Mimeo.
   Google Scholar
• Castagnino, T., L. D´Amato, and M. Sangiácomo. 2013. How Do Firms in Argentina Get Financing to Export?” ECB Working Paper, No. 1601.
   Google Scholar
• Chamon, M. 2001. “ Foreign Currency Denomination of Foreign Debt: Has the ‘Original Sin’ Been Forgiven but not Forgotten?” Harvard University, Mimeo.
   Google Scholar
• Chang, R., and A. Velasco. 1999. “Liquidity Crises in Emerging Markets: Theory and Policy.” NBER Macroeconomics Annual 14: 11–58.
   Web of Science ®Google Scholar
• Chor, D., and K. Manova. 2012. “Off the Cliff and Back? Credit Conditions and International Trade During the Global Financial Crisis.” Journal of International Economics 87: 117–133.
   Web of Science ®Google Scholar
• Claessens, S., S. Djankov, and L. C. Xu. 2000. “Corporate Performance in the East-Asian Financial Crisis.” World Bank Research Observer 15: 23–46.
   Web of Science ®Google Scholar
• Claessens, S., H. Tong, and S.-J. Wei. 2012. “From the Financial Crisis to the Real Economy: Using Firm-level Data to Identify Transmission Channels.” Journal of International Economics 88: 375–387.
   Web of Science ®Google Scholar
• Cook, D., and M. Devereux. 2006. “External Currency Pricing and the East Asian Crisis.” Journal of International Economics 69: 37–63.
   Web of Science ®Google Scholar
• Denis, D., D. Denis, and K. Yost. 2002. “Global Diversification, Industrial Diversification, and Firm Value.” Journal of Finance 57: 1951–1979.
   Web of Science ®Google Scholar
• Eichengreen, B., and R. Hausmann. 1999. “ Exchange Rates and Financial Fragility, New Challenges for Monetary Policy,” Proceedings of a Symposium, Federal Reserve Bank of Kansas City.
   Google Scholar
• Engel, D., V. Procherc, and C. Schmidt. 2013. “Does Firm Heterogeneity Affect Foreign Market Entry and Exit Symmetrically? Empirical Evidence for French Firms.” Journal of Economic Behavior and Organization 18: 381–397.
   Google Scholar
• Furman, J., and J. Stiglitz. 1998. “Economic Crises: Evidence and Insights from East Asia.” Brookings Papers on Economic Activity 2: 1–135.
   Google Scholar
• Gilchrist, S., and J. Sim. 2004. “ Investment During the Korean Financial Crisis: The Role of Foreign Denominated Debt.” Boston University, Mimeo.
   Google Scholar
• Girma, S., D. Greenaway, and R. Kneller. 2004. “Does Exporting Increase Productivity? A Microeconometric Analysis of Matched Firms.” Review of International Economics 12: 855–866.
   Google Scholar
• Görg, H., and M.-E. Spaliara. 2013. “Export Market Exit, Financial Pressure and the Crisis.” CEPR Working Paper, 9599, CEPR, London.
   Google Scholar
• Görg, H., and M.-E. Spaliara. 2014. “Financial Health, Exports and Firm Survival: Evidence from UK and French Firms.” Economica 81: 419–444.
   Web of Science ®Google Scholar
• Greenaway, D., A. Guariglia, and R. Kneller. 2007. “Financial Factors and Exporting Decisions.” Journal of International Economics 73: 377–395.
   Web of Science ®Google Scholar
• Helpman, E., M. Melitz, and S. Yeaple. 2004. “Export Versus FDI with Heterogeneous Firms.” American Economic Review 94: 300–316.
   Web of Science ®Google Scholar
• Jeanne, O. 2000. “Foreign Currency Debt and the Global Financial Architecture.” European Economic Review 44: 719–727.
   Web of Science ®Google Scholar
• Jeanne, O. 2002. “Why Do Emerging Economies Borrow in Foreign Currency?” Paper Presented at the “Currency and Maturity Matchmaking: Redeeming Debt from Original Sin,” Inter-American Development Bank Conference, 2 November 2002: 1–22.
   Google Scholar
• Khwaja, A., and A. Mian. 2008. “Tracing the Impact of Bank Liquidity Shocks: Evidence from an Emerging Market.” American Economic Review 98: 1413–1442.
   Web of Science ®Google Scholar
• Kim, Y. Jung, L. Tesar, and J. Zhang. 2015. “The Impact of Foreign Liabilities on Small Firms: Firm-level Evidence from the Korean Crisis.” Journal of International Economics 97: 209–230.
   Web of Science ®Google Scholar
• Krugman, P. 1999. “Balance Sheets, the Transfer Problem, and Financial Crises.” In International Finance and Financial Crises: Essays in Honour of R.P. Flood, edited by P. Isard, A. Razin, and A. Rose, 31–55. Dordrecht: Kluwer.
   Google Scholar
• Manova, K., S.-J. Wei, and Z. Zhang. 2015. “Firm Exports and Multinational Activity Under Credit Constraints.” Review of Economics and Statistics 97: 574–588.
   Web of Science ®Google Scholar
• Melitz, M. 2003. “The Impact of Trade on Intra-industry Reallocations and Aggregate Industry Productivity.” Econometrica 71: 1695–1725.
   Web of Science ®Google Scholar
• Miller, N., A. Wagner, and R. Zeckhauser. 2013. “Solomonic Separation: Risk Decisions as Productivity Indicators.” Journal of Risk and Uncertainty 46: 265–297.
   Web of Science ®Google Scholar
• Minetti, R., and S. Zhu. 2011. “Credit Constraints and Firm Export: Microeconomic Evidence from Italy.” Journal of International Economics 83: 109–125.
   Web of Science ®Google Scholar
• Mora, N., S. Neaime, and S. Aintablian. 2013. “Foreign Currency Borrowing by Small Firms in Emerging Markets: When Domestic Banks Intermediate Dollars.” Journal of Banking and Finance 37: 1093–1107.
   Web of Science ®Google Scholar
• Muûls, M. 2010. “Exporters and Credit Constraints: A Firm-level Approach,” Rochester: Social Science Research Network.” http://dx.doi.org/10.2139/ssrn.1685214.
   Google Scholar
• Radlett, S., and J. Sachs. 1998. “The East Asian Financial Crisis: Diagnosis, Remedies, Prospects.” Brookings Papers on Economic Activity 28: 1–74.
   Google Scholar
• Roberts, M., T. Sullivan, and J. Tybout. 1997. What Makes Exports Boom? Washington, DC: The World Bank.
   Google Scholar
• Roberts, M., and J. Tybout. 1997. “The Decision to Export in Colombia: An Empirical Model of Entry with Sunk Costs.” American Economic Review 87: 545–564.
   Web of Science ®Google Scholar
• Schnabl, P. 2012. “The International Transmission of Bank Liquidity Shocks: Evidence from an Emerging Market.” Journal of Finance 67: 897–932.
   Web of Science ®Google Scholar
• Sohn, W. 2010. “Market Response to Bank Relationships: Evidence from Korean Bank Reform.” Journal of Banking and Finance 34: 2042–2055.
   Web of Science ®Google Scholar
• Spaliara, M.-E., and S. Tsoukas. 2013. “What Matters for Corporate Failures in Asia? Exploring the Role of Firm-Specific Characteristics During the Asian Crisis.” Structural Change and Economic Dynamics 26: 83–96.
   Web of Science ®Google Scholar
• Tirole, J. 2006. The Theory of Corporate Finance. Princeton: Princeton University Press.
   Google Scholar
• Tybout, J. 2003. “Plant- and Firm-level Evidence on ‘New’ Trade Theories.” In Handbook of International Trade Blackwell, edited by E. Choi, and J. Harrigan, 388–415. Oxford: Blackwell.
   Google Scholar
• Wagner, J. 2015. “Credit Constraints and the Extensive Margins of Exports: First Evidence for German Manufacturing.” Economics: The Open-Access, Open-Assessment E-Journal 9: 1–17.
   Web of Science ®Google Scholar