We estimate the effect of exchange rate movements on ï¬rm-level wages, using a representative panel of manufacturing ï¬rms. We show that the direction and size of wage adjustment is shaped by the international exposure of each ï¬rm on both the sale and cost side of the balance sheet,...

type="main" xml:id="twec12200-abs-0001" <title type="main">Abstract</title> <p>We estimate the effect of exchange rate movements on firm-level wages, using a representative panel of Italian manufacturing firms. We show that the direction and size of wage adjustment is shaped by the international exposure of each firm on both...</p>

The recent financial crisis has clearly shown that the relationship between bank internationalization and risk is complex. Multinational banks can benefit from portfolio diversification, reducing their overall riskiness, but this effect can be offset by incentives going in the opposite...

We estimate the effect of exchange rate movements on firm-level wages, using a representative panel of manufacturing firms. We show that the direction and size of wage adjustment is shaped by the international exposure of each firm on both the sale and cost side of the balance sheet, similar to...