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http://ssrn.com/abstract=1407725
 
 

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Mishmash on Mismatch? Balance-Sheet Effects and Emerging-Markets Crises


C. Hoyt Bleakley


University of Chicago - Booth School of Business; University of Chicago

Kevin Cowan


Central Bank of Chile

May 18, 2009

Chicago Booth Research Paper No. 09-19

Abstract:     
We critically assess the recent empirical literature on the importance of dollar debt and balance-sheet effects in the emerging-market financial crises of the 1990s. Using a simple model, we discuss which specifications are theoretically appropriate, and provide additional insights as to the proper interpretation of the reduced-form evidence in the literature. We show that the variety of results found in the existing literature are related to the heterogeneity of regression specifications. Using harmonized micro data on corporates across a dozen countries in Latin America and Asia, and we replicate common specifications for the effect of dollar debt on investment and output at the firm level. In this light, we suggest that the literature on corporate-level currency mismatch is hardly a mishmash, but in fact quite concordant.

Number of Pages in PDF File: 45

Keywords: currency mismatch, financial crises, balance-sheet effects

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Date posted: May 21, 2009  

Suggested Citation

Bleakley, C. Hoyt and Cowan, Kevin, Mishmash on Mismatch? Balance-Sheet Effects and Emerging-Markets Crises (May 18, 2009). Chicago Booth Research Paper No. 09-19. Available at SSRN: http://ssrn.com/abstract=1407725 or http://dx.doi.org/10.2139/ssrn.1407725

Contact Information

C. Hoyt Bleakley (Contact Author)
University of Chicago - Booth School of Business ( email )
5807 S. Woodlawn Avenue
Chicago, IL 60637
United States
University of Chicago ( email )
1101 East 58th Street
Chicago, IL 60637
United States
Kevin Cowan
Central Bank of Chile ( email )
Agustinas 1180
Santiago
Chile
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