Crisis Financiera y Uso de Derivados Cambiarios en Empresas Exportadoras

María Gabriela Acharán, Roberto Alvarez and José Miguel Villena.

Working Papers Central Bank of Chile from Central Bank of Chile

Abstract: This paper explores the additional difficulties that smaller exporters could have faced during the recent financial crisis, specifically regarding their access to the exchange rate derivatives market. Using data of international trade and derivatives transactions between commercial banks and exporters, we find that this crisis has not been associated with a reduction in the percentage of exporters using exchange rate derivatives. This is true across exporters of different sizes. The evidence seems to be consistent with the fact that greater exchange rate volatility increases the utilization of these hedging instruments. Also, there is no evidence that smaller exporters haven been relatively more affected in terms of coverage, costs and terms of the contracts.

Date: 2009-12
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://www.bcentral.cl/documents/33528/133326/DTBC_552.pdf (application/pdf)

Related works:
Journal Article: Crisis Financiera y Uso de Derivados Cambiarios en Empresas Exportadoras (2010)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:chb:bcchwp:552

Access Statistics for this paper

More papers in Working Papers Central Bank of Chile from Central Bank of Chile Contact information at EDIRC.
Bibliographic data for series maintained by Alvaro Castillo ().