Philly Fed paper studies impact of Argentina's default on firms

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Mechanisms to help firms switch lenders more easily could help insulate the corporate sector from sovereign debt and currency shocks, researchers from the Federal Reserve Bank of Philadelphia suggest.

In a paper, Pablo D’Erasmo, Hernàn Moscoso Boedo María Pía Olivero and Máximo Sangiacomo study how bank exposure to sovereign debt crises is transmitted on to the corporate sector. They use data from the Argentinian sovereign default in 2001, and subsequent currency devaluation, to assess how the

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