Using Treasury Bill nominal interest rates data for the sample period 1957Q1-2005Q1, we apply the structural VAR methodology developed by Blanchard and Quah (1989) to achieve twofold objective. First of all, we are interested to estimate the time-path of the unobservable variables that,...

We assess the conditions under which exchange rate fluctuations are contractionary for firm-level investment. To address this question, we match firm-level balance sheet data with a large dataset of firm-level bonds for about 1,000 firms from 36 emerging market economies over the period...