Publications of Liliana Varela

We study exchange rate expectations in surveys of financial professionals and find that they successfully forecast currency appreciation at the two...

We study the role of multinationals (MNCs) in facilitating firm-level and aggregate structural transformation. Using a stylized model of multinational...

This paper shows that, in a world dominated by vehicle currencies, firms engaging in international operations retain currency risk and hedge it real...

This paper develops a heterogeneous firm-dynamics model to jointly study firms’ currency debt composition and investment choices. In our model...