国际清算银行：外汇债务与最优汇率套期保值（英文版）

This paper examines optimal foreign currency (FX) hedging by non-financial corporations globally. Using a cross-country, firm-level dataset, we first document key patterns of FX borrowing across advanced (AEs) and emerging market economies (EMEs). We find that while FX debt is prevalent in both groups, its intensity varies considerably. We assess the optimality of firms’ exchange rate exposures using a risk-management framework where hedging serves to minimize the impact of cash flow volatili