题目：International Trade and the Currency Composition of Corporate Debt

主讲人：焦阳（复旦大学泛海国际金融学院）

时间：6月18日10:00-11:30

地点: 朗润园512教室

摘要：This paper presents causal evidence that international trade affects the currency composition of corporate debt. We address endogeneity concerns by using South Korea’s and its trading partners’ demand shocks. Cross-sectional patterns, long difference and IV regression results all confirm our theoretical prediction that firms respond to higher export shares by borrowing larger shares of debts in foreign currency. We further show that higher shares of imported intermediate input shares lower their foreign currency debt shares. These findings provide novel insights on exchange rate policy discussions when corporate foreign currency debts are pervasive.

主讲人介绍：焦阳复旦大学泛海国际金融学院经济学助理教授，他的主要研究领域是国际金融、宏观经济和国际贸易。焦阳教授于2018年获哥伦比亚大学经济学博士学位，2012年获清华大学金融学硕士学位，2010年获清华大学数学和物理学学士学位。焦阳教授曾在总部位于菲律宾马尼拉的亚洲开发银行和圣路易斯联邦储备银行（Federal Reserve Bank of St.Louis）实习工作。