I analyze the balance sheet channels of depreciation of the Turkish non-financial corporations for 2003–2015. Having constructed a novel, hand-collected firm-level dataset on the composition and term structure of foreign currency assets and liabilities, I show that foreign currency debt and mismatch has a significant negative balance sheet effect on capital investment following a depreciation. The results remain same even after controlling for foreign currency assets and exports. This implies that the contractionary net worth effect of depreciation dominates its expansionary competitiveness effect. The result is more pronounced for the firms with short-term foreign currency exposures.

我分析了 2003-2015 年土耳其非金融企业的资产负债表贬值渠道。我构建了一个关于外币资产和负债的构成和期限结构的新颖的、手工收集的公司级数据集，表明外币债务和错配对贬值后的资本投资具有显着的负资产负债表效应。即使控制了外币资产和出口，结果仍然相同。这意味着贬值的收缩性净值效应主导了其扩张性竞争力效应。对于有短期外汇风险敞口的公司，结果更为明显。