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Foreign Currency Debt and Capital Flows in Emerging Markets.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Foreign Currency Debt and Capital Flows in Emerging Markets./
Author:	Hardy, Bryan James.
Description:	1 online resource (316 pages)
Notes:	Source: Dissertation Abstracts International, Volume: 79-12(E), Section: A.
Contained By:	Dissertation Abstracts International79-12A(E).
Subject:	Economics. -
Online resource:	click for full text (PQDT)
ISBN:	9780438154339

Foreign Currency Debt and Capital Flows in Emerging Markets.
Hardy, Bryan James.

Foreign Currency Debt and Capital Flows in Emerging Markets. - 1 online resource (316 pages)

Source: Dissertation Abstracts International, Volume: 79-12(E), Section: A.

Thesis (Ph.D.)--University of Maryland, College Park, 2018.

Includes bibliographical references

This dissertation studies the determinants and consequences of capital inflows and foreign currency (FX) debt in emerging markets. Chapter 1 summarizes the topics, questions addressed, and findings. Chapter 2 studies the effects of balance sheet shocks driven by FX debt using a unique dataset of firm FX exposures matched with firm-bank lending data from listed firms in Mexico. I find that smaller non-exporters with FX mismatch see a decrease in loan growth, resulting in stagnant employment growth and decreased growth in physical capital relative to firms with less FX mismatch. Larger non-exporters with FX mismatch also have lower loan growth in FX following the shock, but are able to increase borrowing in Peso, resulting in higher growth in employment and physical capital relative to firms with less FX mismatch. My results imply that net worth based borrowing constraints are tighter for smaller firms and for loans in FX. I present a stylized model that rationalizes these findings.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9780438154339Subjects--Topical Terms:

555568
Economics.
Index Terms--Genre/Form:

554714
Electronic books.

Foreign Currency Debt and Capital Flows in Emerging Markets.
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245 1 0 $a Foreign Currency Debt and Capital Flows in Emerging Markets.
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500 $a Source: Dissertation Abstracts International, Volume: 79-12(E), Section: A.
500 $a Adviser: Sebnem Kalemli-Ozcan.
502 $a Thesis (Ph.D.)--University of Maryland, College Park, 2018.
504 $a Includes bibliographical references
520 $a This dissertation studies the determinants and consequences of capital inflows and foreign currency (FX) debt in emerging markets. Chapter 1 summarizes the topics, questions addressed, and findings. Chapter 2 studies the effects of balance sheet shocks driven by FX debt using a unique dataset of firm FX exposures matched with firm-bank lending data from listed firms in Mexico. I find that smaller non-exporters with FX mismatch see a decrease in loan growth, resulting in stagnant employment growth and decreased growth in physical capital relative to firms with less FX mismatch. Larger non-exporters with FX mismatch also have lower loan growth in FX following the shock, but are able to increase borrowing in Peso, resulting in higher growth in employment and physical capital relative to firms with less FX mismatch. My results imply that net worth based borrowing constraints are tighter for smaller firms and for loans in FX. I present a stylized model that rationalizes these findings.
520 $a Chapter 3 examines how international capital flows into a country, that is by which sector capital flows in and out, and what drives those flows. To do so, we construct a new dataset of capital inflows and outflows split by sector. We establish four new stylized facts highlighting the differences in responses by sector to local and global shocks. These new facts are inconsistent with the standard models in which all foreign and domestic agents invest or disinvest in the same countries as a response to domestic and global shocks.
520 $a Chapter 4 examines the link between the global financial cycle (proxied by the VIX) and the currency composition of lending by emerging market banks. I construct a country-panel dataset of lending shares in FX, and show that this moves positively with the VIX. Countries that are more open to capital inflows or have poorly capitalized banking systems, however, tend to lend more in FX when VIX is low. Using matched firm-bank data from Mexico, I find that the positive association of FX lending with global liquidity holds in the microdata, and that this relationship is driven by well-capitalized banks.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Economics. $3 555568
655 7 $a Electronic books. $2 local $3 554714
690 $a 0501
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a University of Maryland, College Park. $b Economics. $3 1179098
773 0 $t Dissertation Abstracts International $g 79-12A(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10791260 $z click for full text (PQDT)