Abstract
We show that firms’ natural hedges and banks’ foreign currency (FX) liabilities strongly dollarize credits. Among bank liabilities, the effect of non-core FX liabilities is significantly larger than core FX liabilities.
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We show that firms’ natural hedges and banks’ foreign currency (FX) liabilities strongly dollarize credits. Among bank liabilities, the effect of non-core FX liabilities is significantly larger than core FX liabilities.
Senior Fellow-Climate & Sustainability
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