Despite the growth of exchange risk literature in the field of agricultural economics, little attention has been paid to firm‐level currency exposure in emerging countries. In this context, this paper investigates the exchange rate exposure faced by a unique data set of 66 Brazilian agricultural cooperatives from 2000 to 2015, and finds that around one‐third of the sampled firms exhibited significant exposure during this period, even after controlling for crises. The paper also documents that the proportion of exposed firms doubles during periods in which the local central bank intervenes more in the currency regime, lending support to the moral hazard hypothesis: when the exchange rate is less flexible, local companies tend to adopt unhedged positions in response to implicit government guarantees. Finally, firms with more debt, better asset management, lower inventory levels, and higher product differentiation tend to be less exposed to currency swings [EconLit Citations: F31, G15, G23].

中文翻译：

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农业合作社汇率风险敞口

尽管农业经济学领域的外汇风险文献有所增长，但很少有人关注新兴国家的公司层面的货币敞口。在此背景下，本文调查了 2000 年至 2015 年间 66 家巴西农业合作社的独特数据集所面临的汇率风险，发现即使在控制危机之后，仍有约三分之一的抽样公司在此期间表现出重大风险。 . 该论文还记录了在地方中央银行更多地干预货币制度期间，暴露的公司的比例翻了一番，这为道德风险假设提供了支持：当汇率不那么灵活时，当地公司倾向于采取未对冲的头寸对政府隐性担保的回应。最后，负债较多的公司，