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Publications

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    • All HBS Web  (346)
      • Faculty Publications  (87)

      Foreign Currency Debt Remove Foreign Currency Debt →

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      • 2022
      • Article

      Climate Change Vulnerability and Currency Returns

      By: Alex Cheema-Fox, George Serafeim and Hui (Stacie) Wang
      Using measures of physical risk from climate change, we develop a methodology to allocate currency pairs according to a country’s vulnerability and construct portfolios with decreasing vulnerability to physical risk. We show that non-G10 currencies are more vulnerable...  View Details
      Keywords: Climate Finance; Vulnerabilities; Currencies; Foreign Exchange; Climate Change; Currency; Natural Disasters
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      Cheema-Fox, Alex, George Serafeim, and Hui (Stacie) Wang. "Climate Change Vulnerability and Currency Returns." Financial Analysts Journal 78, no. 4 (2022): 37–58.
      • 2022
      • Working Paper

      Markups to Financial Intermediation in Foreign Exchange Markets

      By: Jonathan Wallen
      On average from 2013 to 2020, foreign asset managers in net sold forward 1.1 trillion U.S. dollars. This forward sale of dollars hedges the currency mismatch of foreign investment in U.S. dollar assets. By accommodating this demand, U.S. and European banks earn an...  View Details
      Keywords: Foreign Exchange; Financial Intermediation; Arbitrage; Market Power; Regulations; Currency; Assets; Interest Rates; Banking Industry
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      Wallen, Jonathan. "Markups to Financial Intermediation in Foreign Exchange Markets." Working Paper, March 2022.
      • 2022
      • Working Paper

      The International Price of Remote Work

      By: Agostina Brinatti, Alberto Cavallo, Javier Cravino and Andres Drenik
      We use data from a large web-based job platform to study how the price of remote work is determined in a globalized labor market. In the platform, workers located around the world compete for jobs that can be done remotely. We document that, despite the global nature...  View Details
      Keywords: Remote Work; Exchange Rates; Purchasing Power Parity; Offshoring And Outsourcing; Macroeconomics; Developing Countries and Economies; Wages; Trade; Globalization; Marketplace Matching; Currency Exchange Rate; Service Industry; Web Services Industry; Technology Industry
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      Brinatti, Agostina, Alberto Cavallo, Javier Cravino, and Andres Drenik. "The International Price of Remote Work." NBER Working Paper Series, No. 29437, October 2021. (Revised November 2022.)
      • 2021
      • Working Paper

      Currency Hedging: Managing Cash Flow Exposure

      By: Laura Alfaro, Mauricio Calani and Liliana Varela
      Foreign currency use can be a source of risk associated with currency mismatches, which firms can hedge using FX derivatives. This paper uncovers five novel facts about firms’ use of foreign currency (FX) derivatives employing a unique dataset covering the universe of...  View Details
      Keywords: FX Derivatives; Hedging; Currency; Cash Flow; Emerging Markets; Chile
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      Alfaro, Laura, Mauricio Calani, and Liliana Varela. "Currency Hedging: Managing Cash Flow Exposure." NBER Working Paper Series, No. 28910, June 2021. (Revised July 2022.)
      • 2020
      • Working Paper

      Currency Hedging in Emerging Markets: Managing Cash Flow Exposure

      By: Laura Alfaro, Mauricio Calani and Liliana Varela
      Foreign currency derivative markets are among the largest in the world, yet their role in emerging markets in particular, is relatively understudied. We study firms' currency risk exposure and their hedging choices by employing a unique dataset covering the universe of...  View Details
      Keywords: Foreign Currency Hedging; FX Derivatives; Foreign Currency Debt; Currency Mismatch; Trade Credit; Currency; Cash Flow; Emerging Markets
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      Alfaro, Laura, Mauricio Calani, and Liliana Varela. "Currency Hedging in Emerging Markets: Managing Cash Flow Exposure." Harvard Business School Working Paper, No. 21-096, March 2021.
      • Article

      Tariff Passthrough at the Border and at the Store: Evidence from U.S. Trade Policy

      By: Alberto Cavallo, Gita Gopinath, Brent Neiman and Jenny Tang
      We use micro data collected at the border and the store to characterize the price impact of recent US trade policy on importers, exporters, and consumers. At the border, import tariff passthrough is much higher than exchange rate passthrough. Chinese exporters did not...  View Details
      Keywords: Trade Policy; Tariffs; Exchange Rate Passthrough; Economics; Trade; Policy; Currency Exchange Rate; Price; United States
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      Cavallo, Alberto, Gita Gopinath, Brent Neiman, and Jenny Tang. "Tariff Passthrough at the Border and at the Store: Evidence from U.S. Trade Policy." American Economic Review: Insights 3, no. 1 (March 2021).
      • December 2020
      • Article

      Monetary Policy and Global Banking

      By: Falk Bräuning and Victoria Ivashina
      When central banks adjust interest rates, the opportunity cost of lending in local currency changes, but—in absence of frictions—there is no spillover effect to lending in other currencies. However, when equity capital is limited, global banks must benchmark domestic...  View Details
      Keywords: Global Banks; Monetary Policy Transmission; Cross-border Lending; Banks and Banking; Financial Markets; Global Range
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      Bräuning, Falk, and Victoria Ivashina. "Monetary Policy and Global Banking." Journal of Finance 75, no. 6 (December 2020): 3055–3095.
      • 2020
      • Chapter

      Reserve Accumulation, Sovereign Debt, and Exchange Rate Policy

      By: Laura Alfaro and Fabio Kanczuk
      In the past decade, foreign participation in local-currency bond markets in emerging countries increased dramatically. Additionally, emerging countries are increasingly deviating from inflation targeting regimes, managing their exchange rate and engaging in...  View Details
      Keywords: Reserves; Exchange Rate; Sovereign Finance; Currency Exchange Rate; Policy
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      Alfaro, Laura, and Fabio Kanczuk. "Reserve Accumulation, Sovereign Debt, and Exchange Rate Policy." In Asset Management at Central Banks and Monetary Authorities: New Practices in Managing International Foreign Exchange Reserves, edited by Jacob Bjorheim. Springer, 2020. (Book link.)
      • November 2019
      • Case

      Floating the Exchange Rate: In Pursuit of the Chinese Dream

      By: Laura Alfaro and Sarah Jeong
      In the decades following 2005, China faced significant financial challenges. Inflation spiraled upwards and China’s economy stagnated in the wake of the Global Financial Crisis. The country’s leaders took an interventionist approach to weather the storm, controlling...  View Details
      Keywords: Exchange Rate; Inflation; Debt; Currency Exchange Rate; Inflation and Deflation; Borrowing and Debt; China
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      Alfaro, Laura, and Sarah Jeong. "Floating the Exchange Rate: In Pursuit of the Chinese Dream." Harvard Business School Case 320-039, November 2019.
      • June 2019
      • Article

      Debt Redemption and Reserve Accumulation

      By: Laura Alfaro and Fabio Kanczuk
      In the past decade, foreign participation in local-currency bond markets in emerging countries increased dramatically. We revisit sovereign debt sustainability under the assumptions that countries can accumulate reserves and borrow internationally using their own...  View Details
      Keywords: Sovereign Debt; Local-currency Bonds; Foreign Reserves; Sovereign Finance; Borrowing and Debt; Bonds; Financial Markets; Developing Countries and Economies
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      Alfaro, Laura, and Fabio Kanczuk. "Debt Redemption and Reserve Accumulation." IMF Economic Review 67, no. 2 (June 2019): 261–287. (Also NBER Working Paper No. 19098.)
      • May 2018 (Revised January 2019)
      • Teaching Note

      Lind Equipment

      By: Richard S. Ruback, Royce Yudkoff and Ahron Rosenfeld
      Teaching Note for HBS No. 212-012. Lind Equipment, a Canadian manufacturer and distributor of industrial electrical safety equipment, was purchased in December 2007 by Brian Astl (HBS 2006) and Sean Van Doorselaer. Lind’s performance was negatively impacted by the...  View Details
      Keywords: Recession; Seller Debt; Equity; Financial Condition; Borrowing and Debt; Capital; Revenue; Financing and Loans; Financial Strategy; Financial Management; Acquisition; Financial Crisis; Currency Exchange Rate; Insolvency and Bankruptcy; Manufacturing Industry; Industrial Products Industry
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      Ruback, Richard S., Royce Yudkoff, and Ahron Rosenfeld. "Lind Equipment." Harvard Business School Teaching Note 218-119, May 2018. (Revised January 2019.)
      • February 2018
      • Case

      Infrastructure in Nigeria: Unlocking Pension Fund Investments

      By: John Macomber and Pippa Tubman Armerding
      The so-called “infrastructure finance gap” was a problem in Nigeria as in many parts of the world. Infrastructure projects like power plants and dams were very large capital investments that could generate long-term consistent cash flows, but their financing and...  View Details
      Keywords: Pension Fund Investing; Infrastucture; Power/Energy; Credit Enhancement; Infrastructure; Project Finance; Investment Funds; Emerging Markets; Nigeria; Africa
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      Macomber, John, and Pippa Tubman Armerding. "Infrastructure in Nigeria: Unlocking Pension Fund Investments." Harvard Business School Case 218-071, February 2018.
      • February 2018 (Revised August 2018)
      • Case

      Blue Haven Initiative: The PEGAfrica Investment

      By: Vikram S. Gandhi, Caitlin Reimers Brumme and Amram Migdal
      This case examines Blue Haven Initiative (BHI), an impact investing fund and family office, and one of its investments, PEGAfrica (PEG). BHI founder Liesel Pritzker Simmons’ motivations for using her family wealth to start a family office focused on impact investing,...  View Details
      Keywords: Impact Investing; Family Office; Development; International Development; International Development Investing; Development Fund; Sustainability; Solar Energy; Solar; Pay As You Go; PAYG; MFI; Social Venture; Business Ventures; Acquisition; Business Growth and Maturation; Business Startups; Economics; Development Economics; Energy; Energy Conservation; Energy Sources; Renewable Energy; Social Entrepreneurship; Finance; Assets; Asset Pricing; Capital; Capital Budgeting; Capital Structure; Venture Capital; Cash; Cash Flow; Currency; Currency Exchange Rate; Equity; Private Equity; Financial Instruments; Debt Securities; Stock Shares; Financing and Loans; Microfinance; International Finance; Investment; Investment Return; Investment Activism; Investment Funds; Investment Portfolio; Price; Geography; Geographic Location; Emerging Markets; Ownership; Ownership Stake; Private Ownership; Social Enterprise; Value; Valuation; Value Creation; Energy Industry; Financial Services Industry; Green Technology Industry; Africa; United States
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      Gandhi, Vikram S., Caitlin Reimers Brumme, and Amram Migdal. "Blue Haven Initiative: The PEGAfrica Investment." Harvard Business School Case 318-003, February 2018. (Revised August 2018.)
      • September 2017
      • Article

      The Real Effects of Capital Controls: Firm-Level Evidence from a Policy Experiment

      By: Laura Alfaro, Anusha Chari and Fabio Kanczuk
      Emerging-market governments adopted capital control taxes to manage the massive surge in foreign capital inflows in the aftermath of the global financial crisis. Theory suggests that the imposition of capital controls can drive up the cost of capital and curb...  View Details
      Keywords: Capital Controls; Discriminatory Taxation; International Investment Barriers; Exports; Debt; Cost of Capital; Taxation; Investment; Borrowing and Debt; Equity; Brazil
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      Alfaro, Laura, Anusha Chari, and Fabio Kanczuk. "The Real Effects of Capital Controls: Firm-Level Evidence from a Policy Experiment." Journal of International Economics 108 (September 2017): 191–210. (Also see NBER Working Paper 20726. See comment in Brookings Series: The Hutchins Roundup. See also, feature in NBER Digest March 2015 issue. )
      • June 12, 2017
      • Article

      Corporate Balance Sheets in Emerging Markets: A Comparison of the Global Crisis and the Asian Financial Crisis

      By: Laura Alfaro, Gonzalo Asis, Anusha Chari and Ugo Panizza
      Leverage levels in emerging market firms rose dramatically in the aftermath of the Global Crisis. This column examines whether concerns of a repeat of the Asian financial crisis, which was largely attributed to corporate financial roots, are justified. While firm...  View Details
      Keywords: Financial Crisis; Emerging Markets; System Shocks
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      Alfaro, Laura, Gonzalo Asis, Anusha Chari, and Ugo Panizza. "Corporate Balance Sheets in Emerging Markets: A Comparison of the Global Crisis and the Asian Financial Crisis." Vox, CEPR Policy Portal (June 12, 2017).
      • 2017
      • Working Paper

      Lessons Unlearned? Corporate Debt in Emerging Markets

      By: Laura Alfaro, Gonzalo Asis, Anusha Chari and Ugo Panizza
      This paper documents a set of new stylized facts about leverage and financial fragility for emerging market firms following the Global Financial Crisis (GFC). Corporate debt vulnerability indicators during the Asian Financial Crisis (AFC) attributed to corporate...  View Details
      Keywords: Corporate Debt; Financial Fragility; Firm-level Data; Large Firms; Emerging Markets; Borrowing and Debt; Corporate Finance; Financial Condition
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      Alfaro, Laura, Gonzalo Asis, Anusha Chari, and Ugo Panizza. "Lessons Unlearned? Corporate Debt in Emerging Markets." Harvard Business School Working Paper, No. 17-097, May 2017. (Revised October 2017. NBER Working Paper Series, No. 23407, May 2017)
      • April 2017 (Revised February 2020)
      • Case

      Restructuring Ukraine

      By: Kristin Mugford, Seema Amble and Tian Feng
      In June 2015, Ukraine found itself struggling with a volatile and devalued currency, dramatically diminished foreign reserves, and a projected financing shortfall of $40 billion. Ukraine’s new government sought to return the nation to stability following political...  View Details
      Keywords: Exchange Rates; Politics; Macroeconomics; Financial Crisis; Insolvency and Bankruptcy; Restructuring; Economy; Currency Exchange Rate; Banks and Banking; Economic Slowdown and Stagnation; Bonds; Sovereign Finance; Capital Markets; Credit; Debt Securities; Financial Liquidity; Financial Markets; Government and Politics; Ukraine
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      Mugford, Kristin, Seema Amble, and Tian Feng. "Restructuring Ukraine." Harvard Business School Case 217-049, April 2017. (Revised February 2020.)
      • April 2015 (Revised January 2020)
      • Case

      Japan's Missing Arrow?

      By: Laura Alfaro and Hilary White
      In late December 2014, Shinzo Abe was elected to another term as the prime minister of Japan. His re-election was largely interpreted as a vote of confidence for his economics policies, collectively referred to as "Abenomics." Comprised of three "arrows," including...  View Details
      Keywords: Currency; Bonds; Government Bonds; Government Debt; Public Finance; Quantitative Easing; Stimulus; Fiscal Policy; Fiscal Deficits; Debt Management; Debt Reduction; Abenomics; Exchange Rate; Exports; Reform; Economics; Macroeconomics; Policy; Government Legislation; Government and Politics; Asia; Japan
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      Alfaro, Laura, and Hilary White. "Japan's Missing Arrow?" Harvard Business School Case 715-050, April 2015. (Revised January 2020.)
      • March–April 2015
      • Article

      The Almighty Ruble

      By: Debora L. Spar
      At 1 AM Moscow time on December 16, Russia's central bank announced a massive hike in the country's interest rate, from 10.5% to 17%. It's not clear how Russian leader Vladimir Putin and his colleagues could realistically have expected to achieve anything by hiking the...  View Details
      Keywords: Monetary Policy; Economy; Policy; Currency; Interest Rates; Sovereign Finance; Russia
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      Spar, Debora L. "The Almighty Ruble." Foreign Policy 211 (March–April 2015).
      • October 2014 (Revised February 2017)
      • Case

      A Currency We Can Call Our Own: Populism, Banking Crises, and Exchange Rate Crises in Argentina, 1946–2002

      By: Rafael Di Tella
      The case describes Argentina's struggle to establish a credible monetary system under populist pressures and the recurrent use of exchange rate stabilization plans. It focuses on two episodes where there was "too little money" in the economy: during the hyperinflation...  View Details
      Keywords: Debt Crisis; Hyperinflation; Financial Crisis; Inflation and Deflation; Currency Exchange Rate; Argentina
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      Di Tella, Rafael. "A Currency We Can Call Our Own: Populism, Banking Crises, and Exchange Rate Crises in Argentina, 1946–2002." Harvard Business School Case 715-019, October 2014. (Revised February 2017.)
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