✦ LIBER ✦

Currency Mismatching

✍ Scribed by Jacques A. Schnabel

Publisher: John Wiley and Sons
Year: 2011
Tongue: English
Weight: 94 KB
Volume: 32
Category: Article
ISSN: 0143-6570
DOI: 10.1002/mde.1549

No coin nor oath required. For personal study only.

✦ Synopsis

This paper considers a firm domiciled in an emerging market, modeling its decision to denominate its debt in a combination of its domestic currency and a foreign currency, that is, the dollar. The objective is to determine those situations when the firm is motivated to engage in currency mismatching, that is, denominating a higher percentage of its debt in dollars than what is warranted by its dollar-denominated sales. The following factors are shown to induce greater currency mismatching: speculative capital flows into the emerging market, reduced ability to price discriminate between domestic and foreign customers, increased exchange rate stability, and lower risk-aversion.

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