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    Investment and exposure to exchange rate changes in Colombia

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    Investment and exposure to exchange rate changes in Colombia - 2010.pdf (Investment and exposure to exchange rate changes in Colombia) (889.3Kb)
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    Date

    2010-05

    Author

    Arbeláez, María A.
    Steiner, Roberto
    Salamanca, Andrés

    URI

    http://hdl.handle.net/11445/324
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    Abstract

    "We assemble a large data base of Colombian medium - large firms covering the 1997-2008 period and study different channels through which real exchange rate (RER) changes affect firm investment and profits. With regard to investment, (i) there are adjustment costs, presumably related to capital market imperfections, (ii) investment increases with liquidity as firms face restricted access to external financing, (iii) RER changes have no direct effect on investment, even after controlling for the effects of each sector, (iv) we find no evidence of a differential effect of RER changes on investment depending on exposure to foreign debt. This might be because few firms carry foreign debt or because those that do avoid currency mismatches through "natural" hedging or use financial instruments to hedge exchange rate risk."

    Abstract

    "We assemble a large data base of Colombian medium - large firms covering the 1997-2008 period and study different channels through which real exchange rate (RER) changes affect firm investment and profits. With regard to investment, (i) there are adjustment costs, presumably related to capital market imperfections, (ii) investment increases with liquidity as firms face restricted access to external financing, (iii) RER changes have no direct effect on investment, even after controlling for the effects of each sector, (iv) we find no evidence of a differential effect of RER changes on investment depending on exposure to foreign debt. This might be because few firms carry foreign debt or because those that do avoid currency mismatches through "natural" hedging or use financial instruments to hedge exchange rate risk."

    Palabras clave

    Tasa de Cambio Real
    Comercio Exterior
    Inversiones

    JEL

    E22
    F31
    Collections
    • Macroeconomía, Política Monetaria y Fiscal [166]

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    Acerca de Fedesarrollo

    La Fundación para la Educación Superior y el Desarrollo (Fedesarrollo) es una entidad privada sin ánimo de lucro. Establecida en 1970, se dedica a la investigación en temas de política económica y social.

    Fedesarrollo

    Calle 78 Nº 9 -91, Bogotá - Colombia
    Tel (571) 325 9777, Fax (571) 325 9770
    https://www.fedesarrollo.org.co
    © 2017, Todos los derechos reservados

    Redes Sociales