Berganza, Juan Carlos; Chang, Roberto; Herrero, Alicia … - Banco de España - 2003
disproportionately important, meaning that the balance sheet effects may be strongest at times of economic crisis, when large … balance sheet effect, as implied by recent theories emphasizing financial imperfections. We find evidence that balance sheet … effects, stemming from the increase in the external debt service after an unexpected real depreciation, significantly raise …