کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
1001909 | 937279 | 2010 | 11 صفحه PDF | دانلود رایگان |
![عکس صفحه اول مقاله: Firm-level exchange rate exposure in the Eurozone Firm-level exchange rate exposure in the Eurozone](/preview/png/1001909.png)
Using a sample of 1154 European firms from 11 countries, we show that firm-level exchange exposure for Eurozone and non-Eurozone European firms has increased since the introduction of the euro, but this rise was smaller for Eurozone than non-Eurozone firms. The increase in firm-specific exposure was offset by a substantial reduction in market-level exchange exposure in most Eurozone countries, so the advent of the euro appears to have been associated with a shift in exchange risk from systematic to firm-specific. We also find that post-euro, Eurozone firms’ exchange exposure is significantly greater than that of non-Eurozone European firms. This difference, however, disappears after controlling for several country-specific and firm-specific characteristics that potentially influence firms’ exchange exposure.
Journal: International Business Review - Volume 19, Issue 5, October 2010, Pages 468–478