Browsing by Subject "Balance sheet effects"
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Balance sheet effects of foreign currency debt and real exchange rate on corporate investment: evidence from Turkey Authors:
Publisher and Date:(Elsevier B.V., 2021)I analyze the balance sheet channels of depreciation of the Turkish non-financial corporations for 2003–2015. Having constructed a novel, hand-collected firm-level dataset on the composition and term structure of foreign currency assets and liabilities, I show that foreign currency debt and mismatch has a significant negative balance sheet effect on capital investment following a depreciation. The results remain same even after controlling for foreign currency assets and exports. This implies that ...