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- All HBS Web (245)
- Faculty Publications (174)
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- All HBS Web (245)
- Faculty Publications (174)
- January 1989 (Revised July 1991)
- Case
Bank for International Development, Software Case
By: W. Carl Kester and Timothy A. Luehrman
A hypothetical case in which an assistant treasurer of a supranational bank is asked to determine in which currencies it has been cheaper ex post to borrow. An integral part of the case is a Lotus 1-2-3 worksheet containing monthly data on yen and dollar interest... View Details
Keywords: Decisions; Interest Rates; International Finance; Relationships; Currency; Management Analysis, Tools, and Techniques; Analytics and Data Science; Inflation and Deflation
Kester, W. Carl, and Timothy A. Luehrman. "Bank for International Development, Software Case." Harvard Business School Case 289-034, January 1989. (Revised July 1991.)
- March 2006 (Revised November 2006)
- Case
China: To Float or Not To Float? (C)- Esquel Group and the Chinese Renminbi
By: Laura Alfaro, Rafael M. Di Tella and Ingrid Vogel
In July 2005, China revalued its currency by 2.1% and adjusted its exchange rate regime toward a more market-based system. Esquel Group, a family-run, privately held textiles firm specializing in high-quality cotton shirts with its most significant manufacturing base... View Details
Keywords: Family Business; Currency Exchange Rate; Private Ownership; Problems and Challenges; Value Creation; China
Alfaro, Laura, Rafael M. Di Tella, and Ingrid Vogel. "China: To Float or Not To Float? (C)- Esquel Group and the Chinese Renminbi." Harvard Business School Case 706-023, March 2006. (Revised November 2006.)
- April 2011 (Revised December 2017)
- Case
Latvia: Navigating the Strait of Messina
By: Rafael Di Tella, Rawi Abdelal and Natalie Kindred
This case describes Latvia's transition from a Soviet republic into an EU member, its economic boom and subsequent bust in 2008, and its policy response. After implementing significant economic and political reforms in order to qualify for EU membership in 2004, Latvia... View Details
Keywords: Currency Exchange Rate; Competitive Strategy; Economic Growth; Policy; Financial Crisis; Economic Slowdown and Stagnation; Latvia
Di Tella, Rafael, Rawi Abdelal, and Natalie Kindred. "Latvia: Navigating the Strait of Messina." Harvard Business School Case 711-053, April 2011. (Revised December 2017.)
- December 2001 (Revised February 2004)
- Case
Argentina's Convertibility Plan
By: Rafael M. Di Tella and Ingrid Vogel
Describes the political and economic development in Argentina from 1989 to 1995, with a focus on the role of the currency board. Culminates in Argentine policy makers (Menem in particular) contemplating how to respond to the tequila crisis in the middle of 1995.... View Details
Keywords: Currency Exchange Rate; Government and Politics; Interest Rates; Balance and Stability; Developing Countries and Economies; Financial Crisis; Crisis Management; Policy; Currency; Macroeconomics; Argentina
Di Tella, Rafael M., and Ingrid Vogel. "Argentina's Convertibility Plan." Harvard Business School Case 702-002, December 2001. (Revised February 2004.)
- March 2006 (Revised November 2006)
- Case
China: To Float or Not To Float? (E)- ABB Investment in China
By: Laura Alfaro, Rafael M. Di Tella and Ingrid Vogel
In July 2005, China revalued its currency by 2.1% and adjusted its exchange rate regime toward a more market-based system. ABB, a global power and automation technologies company based out of Switzerland with operations in China, was among those companies confronted... View Details
Keywords: Currency Exchange Rate; Investment; Multinational Firms and Management; International Relations; Problems and Challenges; Value Creation; China; Switzerland
Alfaro, Laura, Rafael M. Di Tella, and Ingrid Vogel. "China: To Float or Not To Float? (E)- ABB Investment in China." Harvard Business School Case 706-035, March 2006. (Revised November 2006.)
- September 2008
- Case
Samoa Tala
By: Joshua D. Coval, Bhagwan Chowdhry and Konark Saxena
This case examines currency risks faced by Microfinance Institutions, and evaluates strategies to hedge them in countries with pegged currency regimes and no derivatives markets. An MFI based in Western Samoa borrows in different currencies like the US dollar and the... View Details
Keywords: Cash Flow; Currency Exchange Rate; Microfinance; Risk and Uncertainty; Financial Services Industry; Samoa
Coval, Joshua D., Bhagwan Chowdhry, and Konark Saxena. "Samoa Tala." Harvard Business School Case 209-053, September 2008.
- March 2022 (Revised February 2024)
- Case
El Salvador: Launching Bitcoin as Legal Tender
By: Laura Alfaro, Carla Larangeira and Ruth Costas
In June 2021, Nayib Bukele, El Salvador’s president, surprised the world with the announcement that the country would adopt bitcoin as legal tender, becoming the first nation to do so. Bitcoin was mostly used for trading and had one of the most volatile track records... View Details
Keywords: Bitcoin; Cryptocurrency; Currency; Financial Strategy; Economic Growth; Governance; Macroeconomics; Assets; Latin America; El Salvador
Alfaro, Laura, Carla Larangeira, and Ruth Costas. "El Salvador: Launching Bitcoin as Legal Tender." Harvard Business School Case 322-055, March 2022. (Revised February 2024.)
- June 12, 2017
- Article
Corporate Balance Sheets in Emerging Markets: A Comparison of the Global Crisis and the Asian Financial Crisis
By: Laura Alfaro, Gonzalo Asis, Anusha Chari and Ugo Panizza
Leverage levels in emerging market firms rose dramatically in the aftermath of the Global Crisis. This column examines whether concerns of a repeat of the Asian financial crisis, which was largely attributed to corporate financial roots, are justified. While firm... View Details
Alfaro, Laura, Gonzalo Asis, Anusha Chari, and Ugo Panizza. "Corporate Balance Sheets in Emerging Markets: A Comparison of the Global Crisis and the Asian Financial Crisis." Vox, CEPR Policy Portal (June 12, 2017).
- Research Summary
Overview
Professor Schreger studies international finance and macroeconomics, with an emphasis on sovereign debt. Following a series of sovereign debt crises in the 1980s and 1990s, which caused defaults among emerging markets governments on their foreign currency obligations,... View Details
- 2009
- Working Paper
The End of Chimerica
By: Niall Ferguson and Moritz Schularick
For the better part of the past decade, the world economy has been dominated by a world economic order that combined Chinese export-led development with US over-consumption. The financial crisis of 2007-2009 likely marks the beginning of the end of the Chimerican... View Details
Keywords: History; Globalized Economies and Regions; Currency Exchange Rate; Economic Growth; Trade; Financial Crisis; China; United States
Ferguson, Niall, and Moritz Schularick. "The End of Chimerica." Harvard Business School Working Paper, No. 10-037, November 2009.
- March 1984 (Revised November 2001)
- Case
Decline of the Dollar, The: 1978
Describes the U.S. experience with floating exchange rates between 1973 and 1978, focusing on the rapid decline of the dollar in the summer of 1978. Illustrates the major determinants of the exchange rates and the role of government intervention in the foreign exchange... View Details
Rukstad, Michael G., and Daniel Pope. "Decline of the Dollar, The: 1978." Harvard Business School Case 384-116, March 1984. (Revised November 2001.)
- Article
The End of Chimerica
For the better part of the past decade, the world economy has been marked by an economic order that combined Chinese export-led development with U.S. over-consumption. The financial crisis of 2007-09 likely marks the beginning of the end of the Chimerican relationship.... View Details
Ferguson, Niall, and Moritz Schularick. "The End of Chimerica." International Finance 14, no. 1 (Spring 2011): 1–26.
- August 2010 (Revised February 2012)
- Supplement
Cosmeticos de Espana, S.A. (D)
By: David F. Hawkins
The fourth case in the Cosmeticos de Espana case series. What should management's accounting response be to the imposition of foreign currency controls? View Details
Keywords: Financial Statements; Decision Choices and Conditions; Inflation and Deflation; Currency Exchange Rate; Governance Controls; Beauty and Cosmetics Industry; Spain; Venezuela
Hawkins, David F. "Cosmeticos de Espana, S.A. (D)." Harvard Business School Supplement 111-030, August 2010. (Revised February 2012.)
- March 2006 (Revised April 2010)
- Case
China: To Float or Not To Float? (A)
By: Laura Alfaro, Rafael M. Di Tella and Ingrid Vogel
On July 21, 2005 China revalued its decade-long quasi-fixed exchange rate of approximately 8.28 yuan per U.S. dollar by 2.1% to 8.11 and, at the same time, introduced a more market-based exchange rate system. Many analysts and economists were disappointed with what... View Details
Keywords: Macroeconomics; Trade; Currency Exchange Rate; Governance Controls; Policy; Growth and Development Strategy; China
Alfaro, Laura, Rafael M. Di Tella, and Ingrid Vogel. "China: To Float or Not To Float? (A)." Harvard Business School Case 706-021, March 2006. (Revised April 2010.)
- October 1989 (Revised May 1990)
- Case
Jaguar plc--1984
By: Timothy A. Luehrman and William Schiano
A vehicle for analyzing the exposure of operating cash flows to exchange rate changes. Considers the value of Jaguar plc at the time of its privatization and share offering in 1984. Jaguar is a major exporter from the United Kingdom and the United States is therefore... View Details
Keywords: Change; Cash Flow; Currency Exchange Rate; Risk Management; Privatization; Valuation; Auto Industry; United Kingdom; United States
Luehrman, Timothy A., and William Schiano. "Jaguar plc--1984." Harvard Business School Case 290-005, October 1989. (Revised May 1990.)
- March 1992 (Revised December 1992)
- Case
Harley-Davidson, Inc.--1987
By: W. Carl Kester and Julia Morley
After an LBO and near bankruptcy in the early 1980s, Harley-Davidson makes an astonishing recovery, going public in 1986. Its listing on the New York Stock Exchange in 1987 provides the occasion of an equity analyst to publish a research report in which she must issue... View Details
Keywords: Leveraged Buyouts; Currency Exchange Rate; Reports; Crisis Management; Going Public; Research; Competition; Auto Industry; Japan; New York (city, NY)
Kester, W. Carl, and Julia Morley. "Harley-Davidson, Inc.--1987." Harvard Business School Case 292-082, March 1992. (Revised December 1992.)
- June 2003 (Revised January 2004)
- Case
The Euro-Dollar Decision (A)
By: Huw Pill, John C. Kelleher, Michael T. Nally and David Schlendorf
Explores the factors that determine floating exchange rates in the context of the introduction of the euro in January 1999. View Details
Pill, Huw, John C. Kelleher, Michael T. Nally, and David Schlendorf. "The Euro-Dollar Decision (A)." Harvard Business School Case 703-071, June 2003. (Revised January 2004.)
- August 2010 (Revised February 2012)
- Case
Cosmeticos de Espana, S.A. (A)
By: David F. Hawkins
Management must decide which exchange rate to use to consolidate the company's Venezuelan subsidiary. View Details
Keywords: Financial Statements; Business Subsidiaries; Inflation and Deflation; Currency Exchange Rate; Beauty and Cosmetics Industry; Spain; Venezuela
Hawkins, David F. "Cosmeticos de Espana, S.A. (A)." Harvard Business School Case 111-019, August 2010. (Revised February 2012.)
- 2017
- Working Paper
Lessons Unlearned? Corporate Debt in Emerging Markets
By: Laura Alfaro, Gonzalo Asis, Anusha Chari and Ugo Panizza
This paper documents a set of new stylized facts about leverage and financial fragility for emerging market firms following the Global Financial Crisis (GFC). Corporate debt vulnerability indicators during the Asian Financial Crisis (AFC) attributed to corporate... View Details
Keywords: Corporate Debt; Financial Fragility; Firm-level Data; Large Firms; Emerging Markets; Borrowing and Debt; Corporate Finance; Financial Condition
Alfaro, Laura, Gonzalo Asis, Anusha Chari, and Ugo Panizza. "Lessons Unlearned? Corporate Debt in Emerging Markets." Harvard Business School Working Paper, No. 17-097, May 2017. (Revised October 2017. NBER Working Paper Series, No. 23407, May 2017)
- September 1987 (Revised November 1992)
- Background Note
Note on Transaction and Translation Exposure
By: W. Carl Kester and Richard P. Melnick
Describes the transaction and translation exposures that companies doing business internationally face when foreign exchange rates change. Also discusses how to measure and cover both types of exposure. Covering techniques are demonstrated using examples of forward... View Details
Kester, W. Carl, and Richard P. Melnick. "Note on Transaction and Translation Exposure." Harvard Business School Background Note 288-017, September 1987. (Revised November 1992.)