Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/202280 
Erscheinungsjahr: 
2017
Schriftenreihe/Nr.: 
JRC Working Papers in Economics and Finance No. 2017/2
Verlag: 
Publications Office of the European Union, Luxembourg
Zusammenfassung: 
The paper investigates firms’ willingness to match the currency composition of their assets and liabilities and their incentives to deviate from perfect matching. Using detailed information at the loan contract level for the Hungarian non-financial corporate sector, the paper provides strong evidence to support the theory that currency matching plays a role in exporters’ debt currency choices. However, natural hedging is not the primary motivation for firms to choose foreign currency: it explains less than 5 per cent of the overall new corporate foreign currency loans contracted by exporters and less than 2 per cent of the aggregate new foreign currency bank loans. Besides hedging, our results suggest that both carry trade and diversification strategies are relevant factors in firms’ currency-of-denomination decisions.
Schlagwörter: 
borrowing decisions
currency mismatch
carry trade
financial crisis
JEL: 
G01
G11
G32
F31
F34
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-79-67439-6
Dokumentart: 
Working Paper

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