Using data from 17 countries that have suffered a currency crisis, this paper studies firm-level leverage and performance measures before and after a crisis has occurred. We show that in the years preceding a currency crisis, companies that are expected to benefit from currency depreciations...

At present primarily governed by market forces with little regulatory interference, international financial relations have become increasingly important for global as well as national economies. Contributors to this volume consider whether this absence of regulation is wise, in the light of...