External debt and exchange-rate misalignment in Brazilian firms: developments and risks from 2000 to 2018

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cepal.articleNo9
cepal.bibLevelSección o Parte de un Documento
cepal.callNumberLC/PUB.2024/9-P
cepal.docTypeRevistas
cepal.jelCodeG11
cepal.jelCodeG32
cepal.jelCodeF31
cepal.jelCodeF34
cepal.jobNumber09souza_REV-143E
cepal.physicalDescriptiongráficos, tablas.
cepal.regionalOfficeSantiago
cepal.sdg17
cepal.topicEngFINANCING AND EXTERNAL DEBT
cepal.topicEngPRICES
cepal.topicEngFINANCIAL AND MONETARY SECTOR
cepal.topicEngMACROECONOMICS
cepal.topicSpaFINANCIAMIENTO Y DEUDA EXTERNA
cepal.topicSpaPRECIOS
cepal.topicSpaSECTOR FINANCIERO Y MONETARIO
cepal.topicSpaMACROECONOMÍA
cepal.workareaEngECONOMIC DEVELOPMENT
cepal.workareaSpaDESARROLLO ECONÓMICO
dc.contributor.authorPires de Souza, Francisco Eduardo
dc.contributor.authorLuporini, Viviane
dc.contributor.authorGutierrez, Margarida
dc.contributor.authorFerreira, Vicente
dc.coverage.spatialEngBRAZIL
dc.coverage.spatialSpaBRASIL
dc.coverage.temporalEnd2018
dc.coverage.temporalStart2000
dc.date.accessioned2024-12-23T16:31:13Z
dc.date.available2024-12-23T16:31:13Z
dc.date.issued2024-08
dc.description.abstractThis article investigates the effects of exchange-rate misalignment on the earnings of 201 Brazilian non-financial listed companies over the period 2010–2018. A measure of exchange-rate misalignment was constructed by compiling information on the value of currency derivative contracts and generating a new database. The results indicate that exchange-rate devaluation has a negative differential effect for firms that have borrowed in foreign currency, including exporting firms. Controlling for variables that protect firms with foreign currency debt, we find that the differential effect of devaluation is negative for firms with larger foreign currency liabilities and positive for those with larger foreign currency assets or greater hedging. These results are robust to different specifications.
dc.formatTexto
dc.format.extentpáginas 169-186
dc.format.mimetypeapplication/pdf
dc.identifier.unSymbolLC/PUB.2024/9-P
dc.identifier.urihttps://hdl.handle.net/11362/81143
dc.language.isoeng
dc.publisherECLAC
dc.publisher.placeSantiago
dc.relation.isPartOfCEPAL Review
dc.relation.isPartOfNo143
dc.relation.isPartOfSeriesCEPAL Review
dc.relation.translationLanguagespa
dc.relation.translationRecordDeuda externa y descalce del tipo de cambio de las empresas brasileñas: evolución y riesgos en el período 2000-2018
dc.relation.translationUrihttps://hdl.handle.net/11362/80851
dc.rights.coarDisponible
dc.subject.unbisEngEXTERNAL DEBT
dc.subject.unbisEngFOREIGN EXCHANGE
dc.subject.unbisEngFOREIGN EXCHANGE RATES
dc.subject.unbisEngFINANCIAL POLICY
dc.subject.unbisEngBUSINESS ENTERPRISES
dc.subject.unbisEngPROFIT
dc.subject.unbisEngCORPORATE DEBT
dc.subject.unbisEngCOMPETITIVENESS
dc.subject.unbisEngMACROECONOMICS
dc.subject.unbisSpaDEUDA EXTERNA
dc.subject.unbisSpaDIVISAS
dc.subject.unbisSpaTIPOS DE CAMBIO
dc.subject.unbisSpaPOLITICA FINANCIERA
dc.subject.unbisSpaEMPRESAS COMERCIALES
dc.subject.unbisSpaGANANCIA
dc.subject.unbisSpaDEUDA DE LAS EMPRESAS
dc.subject.unbisSpaCOMPETITIVIDAD
dc.subject.unbisSpaMACROECONOMIA
dc.titleExternal debt and exchange-rate misalignment in Brazilian firms: developments and risks from 2000 to 2018
dc.type.coarartículo
dspace.entity.typePublication
relation.isAuthorOfPublicationb2eee982-a641-4cf3-9ef4-128b4bd01c22
relation.isAuthorOfPublicationd68dd222-f043-4ac3-8672-9de3910838d3
relation.isAuthorOfPublication6f154121-efbb-4f2c-9d73-3af747d7bcad
relation.isAuthorOfPublicationf2b87382-05a4-443e-ba80-07d232e886c5
relation.isAuthorOfPublication.latestForDiscoveryb2eee982-a641-4cf3-9ef4-128b4bd01c22
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