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Firms’ Debt: Currency Choice and
Exchange Rate Pass-Through
Anna Burova Konstantin Egorov Dmitry Mukhin
burovaab@mail.CBR.ru kegorov@NES.edu dmukhin@Wisc.edu
Financial
the exchange rate
• Evidence:
• Firms that borrow in FC tend to have a positive and
statistically significant correlation between profits and the
exchange rate.
• For
exchange rate for 2000-2013. For each trading partner we constructed
corresponding annual nominal exchange rates provided by the Bank of Russia. Annual nomi-
nal exchange
pass-through of the exchange rate to prices, care
must be taken of which shock caused changes in the exchange rate.
SHOCK-DEPENDENT EXCHANGE RATE PASS-THROUGH IN
to
undervalue the real exchange rate through operations on the foreign exchange market usually end
in failure. The real exchange rate grows stronger nonetheless, but
87
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Bank of Russia to set and publish exchange rates against ruble and official prices for precious metals, calculate and publish MIACR interest rates
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24.05.2019
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24 May 2019
Press release
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