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Does reserve accumulation lead to higher currency-risk taking in the corporate sector? Firm-level evidence for Latin America

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  • F4 - Macroeconomic Aspects Of International Trade And Finance
  • F3 - International Finance
  • Economics


I explore an empirically robust but previously undocumented association between the foreign exchange re- serves accumulated by central banks of emerging market economies and dollar-denominated debt held in the balance sheets of non financial sector firms. Borrowing in dollars can have damaging e

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