Understanding foreign currency borrowing by firms: Evidence from India
Understanding foreign currency borrowing by firms: Evidence from India
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了解企业外币借贷：来自印度的证据
DOI：
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发表时间：
2015
期刊：
影响因子：
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通讯作者：
Nirvikar Singh
中科院分区：
文献类型：
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作者：
I. Patnaik;Ajay Shah;Nirvikar Singh
印度的资本管制允许信用风险低的公司进行外币借款，到2013年，借款存量为1320亿美元。通过本土偏好和资本控制的结合，FCB是大型和国际活跃公司的专属领域，融资限制较低。我们建立了一个准实验设计，通过它的因果影响FCB后，未来的资本，劳动力，出口和产出的增长进行评估。印度在2003年和2007年两次实行汇率灵活性政策，似乎避免了道德风险：实行FCB的公司成功地在资本存量和产出方面取得了适度的收益。对国际增长中心和NIPFP-DEA研究方案的支持表示感谢。Akhil Dua、Dhananjay Ghei、Apoorva Gupta、Shekhar Hari Kumar和Pramod Sinha提供了杰出的研究援助。所表达的意见和存在的不足之处完全是我们的责任。
The Indian capital controls permit foreign currency borrowing (FCB) for firms with low credit risk, and by 2013, there was a stock of borrowing of $132 billion. Through a combination of home bias and capital controls, FCB is the preserve of large and internationally active firms with low financing constraints. We establish a quasi-experimental design through which the causal impact of FCB upon future growth in capital, labour, exports and output is assessed. The two doublings of exchange rate flexibility in India, in 2003 and 2007, appear to have avoided moral hazard: the firms which have undertaken FCB have successfully achieved modest gains in capital stock and output. ∗The support of the International Growth Centre and NIPFP-DEA Research Programme is gratefully acknowledged. Akhil Dua, Dhananjay Ghei, Apoorva Gupta, Shekhar Hari Kumar and Pramod Sinha provided outstanding research assistance. The opinions expressed and remaining shortcomings are our responsibility alone.