Firm-level exchange rate exposure in the Eurozone

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dc.contributor.author Hutson, Elaine
dc.contributor.author O'Driscoll, Anthony
dc.date.accessioned 2010-05-20T16:15:28Z
dc.date.available 2010-05-20T16:15:28Z
dc.date.copyright 2009 Elsevier Ltd en
dc.date.issued 2010-10
dc.identifier.citation International Business Review en
dc.identifier.issn 0969-5931
dc.identifier.uri http://hdl.handle.net/10197/2002
dc.description.abstract Using a sample of 1154 European firms from 11 countries, we show that firm-level exchange exposure for Eurozone and non-Eurozone European firms has increased since the introduction of the euro, but this rise was smaller for Eurozone than non-Eurozone firms. The increase in firm-specific exposure was offset by a substantial reduction in market-level exchange exposure in most Eurozone countries, so the advent of the euro appears to have been associated with a shift in exchange risk from systematic to firmspecific. We also find that post-euro, Eurozone firms' exchange exposure is significantly greater than that of non-Eurozone European firms. This difference, however, disappears after controlling for several country-specific and firm-specific characteristics that potentially influence firms' exchange exposure. en
dc.description.sponsorship Not applicable en
dc.format.extent 4304 bytes
dc.format.mimetype application/pdf
dc.language.iso en en
dc.publisher Elsevier en
dc.subject Competitive exchange exposure en
dc.subject Economic openness en
dc.subject Eurozone en
dc.subject Foreign exchange exposure en
dc.subject.classification F30 en
dc.subject.classification G10 en
dc.subject.lcsh Foreign exchange--European Union countries en
dc.subject.lcsh International trade en
dc.subject.lcsh Euro area en
dc.title Firm-level exchange rate exposure in the Eurozone en
dc.type Journal Article en
dc.internal.availability Full text not available en
dc.internal.webversions Publisher's version
dc.internal.webversions http://dx.doi.org/10.1016/j.ibusrev.2009.02.007
dc.status Peer reviewed en
dc.identifier.volume 19 en
dc.identifier.startpage 468
dc.identifier.endpage 478
dc.identifier.doi 10.1016/j.ibusrev.2009.02.007
dc.neeo.contributor Hutson|Elaine|aut|
dc.neeo.contributor O'Driscoll|Anthony|aut|
dc.description.admin Check for full bib details en


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