Financing Decisions of Firms and Central Bank Policy
Jacques Olivier () and
Ai Ting Goh
Additional contact information
Jacques Olivier: GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique
Post-Print from HAL
This paper aims to explain why unhedged foreign borrowing by South East Asian corporations rose sharply during the few years prior to the crisis despite little change in fundamentals. We show that decisions of firms and decisions of the central bank are complementary. Consequently, a small shock to fundamentals may have a large and permanent impact on the equilibrium composition of firms' borrowing.
Keywords: Foreign borrowing; Central bank; Asian crisis (search for similar items in EconPapers)
Note: View the original document on HAL open archive server: https://hal-hec.archives-ouvertes.fr/hal-00460037
References: Add references at CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed
Published in Journal of International Money and Finance, Elsevier, 2004, Vol.23,n°7-8, pp.1187-1207. ⟨10.1016/j.jimonfin.2004.09.002⟩
There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.
Journal Article: Financing decisions of firms and central bank policy (2004)
Working Paper: Financing Decisions of Firms and Central Bank Policy (2001)
Working Paper: Financing decisions of firms and central bank policy (2001)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00460037
Access Statistics for this paper
More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().