{"id":"https://openalex.org/W641612947","doi":"https://doi.org/10.2298/eka0983032b","title":"On the spillover of exchange rate risk into default risk","display_name":"On the spillover of exchange rate risk into default risk","publication_year":2009,"publication_date":"2009-01-01","ids":{"openalex":"https://openalex.org/W641612947","doi":"https://doi.org/10.2298/eka0983032b","mag":"641612947"},"language":"en","primary_location":{"id":"doi:10.2298/eka0983032b","doi":"https://doi.org/10.2298/eka0983032b","is_oa":true,"landing_page_url":"https://doi.org/10.2298/eka0983032b","pdf_url":"http://www.doiserbia.nb.rs/ft.aspx?id=0013-32640983032B","source":{"id":"https://openalex.org/S119469219","display_name":"Economic Annals","issn_l":"0013-3264","issn":["0013-3264","1820-7375"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["anvur-scientific","ddh","doaj","erih-plus","poland-20","russia-white-list-3"],"host_organization":"https://openalex.org/P4310321691","host_organization_name":"University of Belgrade Faculty of Economics","host_organization_lineage":["https://openalex.org/P4310321691"],"host_organization_lineage_names":["University of Belgrade Faculty of Economics"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Economic Annals","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"http://www.doiserbia.nb.rs/ft.aspx?id=0013-32640983032B","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5056044630","display_name":"Milo\u0161 Bo\u017eovi\u0107","orcid":"https://orcid.org/0000-0002-5087-1977","observed_orcids":["https://orcid.org/0000-0002-5087-1977"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Milos Bozovic","raw_affiliation_strings":["Center for Investments and Finance, Belgrade"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Center for Investments and Finance, Belgrade","institution_ids":[]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5017592941","display_name":"Branko Uro\u0161evi\u0107","orcid":"https://orcid.org/0000-0002-4605-3090","observed_orcids":["https://orcid.org/0000-0002-4605-3090"]},"institutions":[{"id":"https://openalex.org/I4068193","display_name":"University of Belgrade","ror":"https://ror.org/02qsmb048","country_code":"RS","type":"education","lineage":["https://openalex.org/I4068193"]}],"countries":["RS"],"is_corresponding":false,"raw_author_name":"Branko Urosevic","raw_affiliation_strings":["Faculty of Economics, Belgrade"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Faculty of Economics, Belgrade","institution_ids":["https://openalex.org/I4068193"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5041211752","display_name":"Bo\u0161ko \u017divkovi\u0107","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I4068193","display_name":"University of Belgrade","ror":"https://ror.org/02qsmb048","country_code":"RS","type":"education","lineage":["https://openalex.org/I4068193"]}],"countries":["RS"],"is_corresponding":false,"raw_author_name":"Bosko Zivkovic","raw_affiliation_strings":["Faculty of Economics, Belgrade"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Faculty of Economics, Belgrade","institution_ids":["https://openalex.org/I4068193"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":3.3325,"has_fulltext":true,"cited_by_count":22,"citation_normalized_percentile":{"value":0.92883725,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":98},"biblio":{"volume":"54","issue":"183","first_page":"32","last_page":"55"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.7304999828338623,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.7304999828338623,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.21889999508857727,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.022700000554323196,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/foreign-exchange-risk","display_name":"exchange rate risk","score":0.9559999704360962},{"id":"https://openalex.org/keywords/default-risk","display_name":"default risk","score":0.8349999785423279},{"id":"https://openalex.org/keywords/foreign-currency-lending","display_name":"foreign currency loans","score":0.9319999814033508},{"id":"https://openalex.org/keywords/currency-depreciation","display_name":"currency depreciation","score":0.6629999876022339},{"id":"https://openalex.org/keywords/bank-lending","display_name":"bank lending","score":0.5600000023841858},{"id":"https://openalex.org/keywords/credit-supply","display_name":"credit supply","score":0.7730000019073486},{"id":"https://openalex.org/keywords/economic-growth","display_name":"economic growth","score":0.7720000147819519},{"id":"https://openalex.org/keywords/emerging-markets","display_name":"emerging markets","score":0.8510000109672546},{"id":"https://openalex.org/keywords/negative-feedback-loop","display_name":"negative feedback loop","score":0.6169999837875366}],"concepts":[{"id":"https://openalex.org/C95383336","wikidata":"https://www.wikidata.org/wiki/Q4198710","display_name":"Depreciation (economics)","level":5,"score":0.734239399433136},{"id":"https://openalex.org/C141121606","wikidata":"https://www.wikidata.org/wiki/Q8142","display_name":"Currency","level":2,"score":0.7233241200447083},{"id":"https://openalex.org/C165705269","wikidata":"https://www.wikidata.org/wiki/Q1542397","display_name":"Foreign exchange risk","level":3,"score":0.7216207981109619},{"id":"https://openalex.org/C55527203","wikidata":"https://www.wikidata.org/wiki/Q334194","display_name":"Spillover effect","level":2,"score":0.709480881690979},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.6566240787506104},{"id":"https://openalex.org/C2776988154","wikidata":"https://www.wikidata.org/wiki/Q66100","display_name":"Exchange rate","level":2,"score":0.6191582679748535},{"id":"https://openalex.org/C121087249","wikidata":"https://www.wikidata.org/wiki/Q546395","display_name":"Emerging markets","level":2,"score":0.5695576071739197},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5413361191749573},{"id":"https://openalex.org/C145097563","wikidata":"https://www.wikidata.org/wiki/Q1148747","display_name":"Payment","level":2,"score":0.5076793432235718},{"id":"https://openalex.org/C2983132609","wikidata":"https://www.wikidata.org/wiki/Q66076","display_name":"Foreign exchange","level":2,"score":0.49176719784736633},{"id":"https://openalex.org/C178350159","wikidata":"https://www.wikidata.org/wiki/Q162714","display_name":"Credit risk","level":2,"score":0.48024705052375793},{"id":"https://openalex.org/C2984055962","wikidata":"https://www.wikidata.org/wiki/Q162714","display_name":"Default risk","level":3,"score":0.46219709515571594},{"id":"https://openalex.org/C175025494","wikidata":"https://www.wikidata.org/wiki/Q179179","display_name":"Interest rate","level":2,"score":0.45683592557907104},{"id":"https://openalex.org/C182306322","wikidata":"https://www.wikidata.org/wiki/Q1779371","display_name":"Order (exchange)","level":2,"score":0.43025559186935425},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.42534786462783813},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.4068751037120819},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.24566936492919922},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.09316998720169067},{"id":"https://openalex.org/C2776943663","wikidata":"https://www.wikidata.org/wiki/Q165687","display_name":"Human capital","level":2,"score":0.0},{"id":"https://openalex.org/C50522688","wikidata":"https://www.wikidata.org/wiki/Q189833","display_name":"Economic growth","level":1,"score":0.0},{"id":"https://openalex.org/C44750222","wikidata":"https://www.wikidata.org/wiki/Q1897397","display_name":"Financial capital","level":3,"score":0.0},{"id":"https://openalex.org/C58202505","wikidata":"https://www.wikidata.org/wiki/Q5035700","display_name":"Capital formation","level":4,"score":0.0}],"mesh":[],"locations_count":4,"locations":[{"id":"doi:10.2298/eka0983032b","doi":"https://doi.org/10.2298/eka0983032b","is_oa":true,"landing_page_url":"https://doi.org/10.2298/eka0983032b","pdf_url":"http://www.doiserbia.nb.rs/ft.aspx?id=0013-32640983032B","source":{"id":"https://openalex.org/S119469219","display_name":"Economic Annals","issn_l":"0013-3264","issn":["0013-3264","1820-7375"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["anvur-scientific","ddh","doaj","erih-plus","poland-20","russia-white-list-3"],"host_organization":"https://openalex.org/P4310321691","host_organization_name":"University of Belgrade Faculty of Economics","host_organization_lineage":["https://openalex.org/P4310321691"],"host_organization_lineage_names":["University of Belgrade Faculty of Economics"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Economic Annals","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:beo:journl:v:54:y:2009:i:183:p:32-55","doi":null,"is_oa":false,"landing_page_url":"http://www.ekof.bg.ac.rs/wp-content/uploads/2014/06/183-1-2.pdf","pdf_url":"http://www.ekof.bg.ac.rs/wp-content/uploads/2014/06/183-1-2.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"mag:641612947","doi":null,"is_oa":true,"landing_page_url":"https://EconPapers.repec.org/RePEc:beo:journl:v:54:y:2009:i:183:p:32-55","pdf_url":null,"source":{"id":"https://openalex.org/S119469219","display_name":"Economic Annals","issn_l":"0013-3264","issn":["0013-3264","1820-7375"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["anvur-scientific","ddh","doaj","erih-plus","poland-20","russia-white-list-3"],"host_organization":"https://openalex.org/P4310321691","host_organization_name":"University of Belgrade Faculty of Economics","host_organization_lineage":["https://openalex.org/P4310321691"],"host_organization_lineage_names":["University of Belgrade Faculty of Economics"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Economic Annals","raw_type":null},{"id":"pmh:oai:doaj.org/article:504e15a2867d45359bd4681ee5204e0a","doi":null,"is_oa":false,"landing_page_url":"https://doaj.org/article/504e15a2867d45359bd4681ee5204e0a","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Ekonomski Anali, Vol 54, Iss 183, Pp 32-55 (2009)","raw_type":"article"}],"best_oa_location":{"id":"doi:10.2298/eka0983032b","doi":"https://doi.org/10.2298/eka0983032b","is_oa":true,"landing_page_url":"https://doi.org/10.2298/eka0983032b","pdf_url":"http://www.doiserbia.nb.rs/ft.aspx?id=0013-32640983032B","source":{"id":"https://openalex.org/S119469219","display_name":"Economic Annals","issn_l":"0013-3264","issn":["0013-3264","1820-7375"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["anvur-scientific","ddh","doaj","erih-plus","poland-20","russia-white-list-3"],"host_organization":"https://openalex.org/P4310321691","host_organization_name":"University of Belgrade Faculty of Economics","host_organization_lineage":["https://openalex.org/P4310321691"],"host_organization_lineage_names":["University of Belgrade Faculty of Economics"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Economic Annals","raw_type":"journal-article"},"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth","score":0.7257999777793884}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W641612947.pdf","grobid_xml":"https://content.openalex.org/works/W641612947.grobid-xml"},"referenced_works_count":17,"referenced_works":["https://openalex.org/W351106996","https://openalex.org/W1535023189","https://openalex.org/W1883795010","https://openalex.org/W2019291268","https://openalex.org/W2034823180","https://openalex.org/W2041600052","https://openalex.org/W2078950386","https://openalex.org/W2105973145","https://openalex.org/W2147017923","https://openalex.org/W2148365146","https://openalex.org/W2326781171","https://openalex.org/W2890067203","https://openalex.org/W3022367431","https://openalex.org/W3121163753","https://openalex.org/W3124491480","https://openalex.org/W3124683112","https://openalex.org/W3125744792"],"related_works":["https://openalex.org/W7099731582","https://openalex.org/W7097653424","https://openalex.org/W2408215129","https://openalex.org/W4206229434","https://openalex.org/W3111636860","https://openalex.org/W1195539020","https://openalex.org/W3124345121","https://openalex.org/W2025678257","https://openalex.org/W2222200148","https://openalex.org/W7160529467"],"abstract_inverted_index":{"In":[0],"order":[1],"to":[2,45,95],"reduce":[3],"the":[4,21,28,31,43,53,85],"exchange-rate":[5,54],"risk,":[6],"banks":[7],"in":[8,16,20,68,122],"emerging":[9,123],"markets":[10],"are":[11,75],"typically":[12],"denominating":[13],"their":[14],"loans":[15,59,74],"foreign":[17,57,72],"currencies.":[18],"However,":[19],"event":[22],"of":[23,27,34,56,79,84,114],"a":[24,35,76,89],"substantial":[25],"depreciation":[26,83],"local":[29,86],"currency,":[30],"payment":[32],"ability":[33],"foreign-currency":[36],"borrower":[37],"may":[38,112],"be":[39,113],"reduced":[40,99,103],"significantly,":[41],"exposing":[42],"lender":[44],"additional":[46],"default":[47,63,97],"risk.":[48,64],"This":[49,105],"paper":[50],"analyses":[51],"how":[52],"risk":[55],"currency":[58,73,87],"spills":[60],"over":[61],"into":[62],"We":[65],"show":[66],"that":[67,93,111],"an":[69],"economy":[70],"where":[71],"dominant":[77],"source":[78],"financing":[80],"economic":[81],"activity,":[82],"establishes":[88],"negative":[90],"feedback":[91],"mechanism":[92],"leads":[94],"higher":[96],"probabilities,":[98],"credit":[100],"supply,":[101],"and":[102,119],"growth.":[104],"finding":[106],"has":[107],"some":[108],"important":[109],"implications":[110],"special":[115],"interest":[116],"for":[117],"regulators":[118],"market":[120],"participants":[121],"economies.":[124]},"counts_by_year":[{"year":2023,"cited_by_count":1},{"year":2022,"cited_by_count":2},{"year":2021,"cited_by_count":2},{"year":2020,"cited_by_count":2},{"year":2017,"cited_by_count":5},{"year":2016,"cited_by_count":1},{"year":2015,"cited_by_count":1},{"year":2014,"cited_by_count":2},{"year":2012,"cited_by_count":2}],"updated_date":"2026-11-03T10:50:19.383937","created_date":"2016-06-24T00:00:00"}