Foreign currency borrowing, exports and firm performance: evidence from a currency crisis
本文建立了一个外币借款的信号模型，利用韩国企业面板数据发现，货币危机后外币借款企业更可能退出，但存活的企业表现更好，尤其是出口商因本币贬值而更具竞争力。
This paper develops a simple signaling model of foreign currency borrowing that yields predictions about firm survival and performance during a currency crisis. Using a large panel of firm level data for South Korea we offer empirical support for many of the predictions of our model, while others support predictions that cannot be tested using our data. Our paper demonstrates that although firms that borrow in foreign currency are more likely to exit after the currency collapses, those that continue to produce perform better. Among them, the best performers are exporters whose foreign sales are more competitively priced under a devalued currency.