EconPapers    
Economics at your fingertips  
 

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

Abstract: 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)
Date: 2004-11
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.

Related works:
Journal Article: Financing decisions of firms and central bank policy (2004) Downloads
Working Paper: Financing Decisions of Firms and Central Bank Policy (2001) Downloads
Working Paper: Financing decisions of firms and central bank policy (2001) Downloads
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:hal:journl:hal-00460037

DOI: 10.1016/j.jimonfin.2004.09.002

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().

 
Page updated 2021-03-28
Handle: RePEc:hal:journl:hal-00460037