also find evidence that firms' hedging activities decrease linear exposure but do not affect nonparametric exposure. … nonparametric models. Our data consist of nonfinancial firms in five emerging market countries and the US. Among firms that were not … parametric or nonparametric models are used. The increase in exposure is most striking when a nonparametric model is used. We …

. We find that, depending on whether futures contracts are used for risk reduction (i.e., hedging) or risk taking (i …

We examine the impact of corporate currency hedging on economic stability by introducing hedging activity in a Mundell … size as well as hedging costs. The results indicate that, with an increasing fraction of hedged firms in an economy, the … magnitude of a crisis decreases and from a specific hedging level onwards currency crises are ruled out. In order to improve …

We document the exchange rate hedging channel that connects country-level measures of net external financial imbalances … movements. We present a model demonstrating that exchange rate hedging coupled with intermediary constraints can explain these … currency hedging channel of exchange rate determination in both the conditional and unconditional moments of exchange rates …