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Siddharth Vij
Siddharth Vij is an Assistant Professor of finance in the Terry College of Business at the University of Georgia. He conducts primarily empirical research in banking and corporate finance. He completed a Ph.D. in finance from the New York University (NYU) Stern School of Business in May 2018.
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Foreign currency corporate borrowing: Risks and policy responses
Non-financial corporations in emerging market economies increasingly rely on foreign currency debt,and are exposed to currency depreciations and sudden stops in capital flows. Analysing data on 1,786 Indian firms during 2004-2019, this article shows that favourable global funding conditions are a much more significant determinant of foreign currency borrowing than firm-level factors. Further, it suggests that RBI’s macroprudential policies have been effectively mitigating these risks.
