Foreign currency denominated loans (FCDLs) are an important part of corporate funding as well as an operational risk management tool. We show that Australian borrowers use FCDLs to hedge their foreign exchange risk exposure. FCDLs are found to carry an interest rate premium over domestic...

Following an unprecedented economic boom fed by foreign investment, the Russian Revolution triggered the worst sovereign default in history. Bankers and Bolsheviks tells the dramatic story of this boom and bust, chronicling the forgotten experiences of leading financiers of the age. Shedding...