Exchange rate fluctuations could influence economic activity not only via the standard trade
channel, but also through a financial channel, which operates through the impact of …

This article develops a heterogeneous firm-dynamics model to jointly study firms' currency
debt composition and investment choices. In our model, foreign currency borrowing arises …

This article reviews recent studies on the impact of financial frictions on international trade.
We first present evidence on the relation between measures of access to external finance …

This paper studies the impact of sanitary protocols aimed at reducing the contagion by Covid-
19 during the production and consumption of goods and services. We augment a …

What are the main characteristics of sectors that take advantage of the real exchange rate
stimulus after a large and long-lasting devaluation? We aim to answer this question by …

When firms borrow in foreign currency and are not perfectly hedged, exchange rate changes
can affect their ability to repay the debt. US loan-level data show that a 10 percent …

This paper studies the industry-level and aggregate implications of financial development on
international trade. I set up a multi-industry general equilibrium model of international trade …

We evaluate manufacturing firms' responses to changes in the real exchange rate (RER)
using detailed firm-level data for a large set of countries for the period 2001-2010. We …

This paper empirically examines the macroeconomic effects of exchange rate movements
and their transmission mechanisms (trade and financial channels) in Mongolia, a net debtor …

We provide evidence of a new channel through which exchange rates affect trade. Using a
novel identification strategy that exploits firms' maturity structure of foreign currency debt …