Balance sheet effects of foreign currency debt and real exchange rate on corporate investment: evidence from Turkey
| dc.contributor.author | Demirkılıç, Serkan | |
| dc.date.accessioned | 2021-05-10T09:58:19Z | |
| dc.date.available | 2021-05-10T09:58:19Z | |
| dc.date.issued | 2021 | |
| dc.description.abstract | 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 the contractionary net worth effect of depreciation dominates its expansionary competitiveness effect. The result is more pronounced for the firms with short-term foreign currency exposures. | en_US |
| dc.description.sponsorship | Political Economy Research Institute of University of Massachusetts Amherst; University of Massachusetts Graduate School | |
| dc.description.sponsorship | I am grateful to Gerald Epstein for his guidance and endless support. I would like to thank Arslan Razmi and Adam Honig for their helpful discussions, comments and suggestions on the paper. I also thank Doruk Cengiz, Hoyt Bleakley, Herman Kamil and Mark Aguiar for answering my questions during the completion of this paper. I am grateful to Hatice Güler, Mehmet Dabakoğlu, and Adem Doğan for their excellent research assistance. I am alone responsible of any remaining errors. Author acknowledges the support of the Political Economy Research Institute of University of Massachusetts Amherst Dissertation Fellowship, Dissertation Travel Grant and University of Massachusetts Graduate School Dissertation Travel Grant. | |
| dc.identifier.doi | 10.1016/j.ememar.2021.100796 | en_US |
| dc.identifier.issn | 1566-0141 | |
| dc.identifier.scopus | 2-s2.0-85100237855 | en_US |
| dc.identifier.uri | https://hdl.handle.net/20.500.12469/4014 | |
| dc.identifier.uri | https://doi.org/10.1016/j.ememar.2021.100796 | |
| dc.language.iso | en | en_US |
| dc.publisher | Elsevier B.V. | en_US |
| dc.relation.ispartof | Emerging Markets Review | |
| dc.rights | info:eu-repo/semantics/closedAccess | en_US |
| dc.subject | Balance sheet effects | en_US |
| dc.subject | Corporate debt | en_US |
| dc.subject | Corporate investment | en_US |
| dc.subject | Currency mismatch | en_US |
| dc.subject | Foreign currency debt | en_US |
| dc.title | Balance sheet effects of foreign currency debt and real exchange rate on corporate investment: evidence from Turkey | en_US |
| dc.type | Article | en_US |
| dspace.entity.type | Publication | |
| gdc.author.institutional | Demirkılıç, Serkan | en_US |
| gdc.author.scopusid | 57221800162 | |
| gdc.bip.impulseclass | C5 | |
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| gdc.coar.access | metadata only access | |
| gdc.coar.type | text::journal::journal article | |
| gdc.collaboration.industrial | false | |
| gdc.description.department | Kadir Has University | |
| gdc.description.departmenttemp | [Demirkılıç S.] Department of International Trade and Finance, Kadir Has University, Cibali Mah. Kadir Has Caddesi, Fatih, Istanbul, 34083, Turkey | |
| gdc.description.publicationcategory | Makale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı | en_US |
| gdc.description.scopusquality | Q1 | |
| gdc.description.startpage | 100796 | |
| gdc.description.volume | 47 | |
| gdc.description.wosquality | Q1 | |
| gdc.identifier.openalex | W3120711168 | |
| gdc.identifier.wos | WOS:000657395800006 | en_US |
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| gdc.oaire.keywords | Foreign currency debt | |
| gdc.oaire.keywords | Corporate investment | |
| gdc.oaire.keywords | Balance sheet effects | |
| gdc.oaire.keywords | Currency mismatch | |
| gdc.oaire.keywords | Corporate debt | |
| gdc.oaire.popularity | 3.822786E-9 | |
| gdc.oaire.publicfunded | false | |
| gdc.oaire.sciencefields | 0502 economics and business | |
| gdc.oaire.sciencefields | 05 social sciences | |
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| gdc.opencitations.count | 3 | |
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| gdc.relation.journal | Emerging Markets Review | |
| gdc.scopus.citedcount | 6 | |
| gdc.virtual.author | Demirkılıç, Serkan | |
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