Real Consequences of Shocks to Intermediaries Supplying Corporate Hedging Instruments
利用韩国2010年银行外汇衍生品资本监管改革，发现银行衍生品供给减少导致依赖这些银行的企业出口显著下降，揭示了金融中介在风险分配中的关键作用。
Abstract I show that shocks to financial intermediaries supplying hedging instruments to corporations have real effects. I exploit a quasi-natural experiment in South Korea in 2010, where regulations required banks to hold enough capital for taking foreign exchange derivatives (FXD) positions. Using variation in exposure to this regulation across banks, I find that the regulation caused a reduction in FXD supply, leading to a significant decline in exports for firms contracting derivatives with more exposed banks. Results indicate the crucial role of intermediaries in allocating risks through derivatives provision and establish a causal relationship between financial hedging and real economic outcomes.