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Sustainable architecture. --- Architecture --- Environmental education. --- Study and teaching.

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After building up foreign currency denominated (FC) liabilities over several years, Colombian firms might be vulnerable to a shift in external conditions. We undertake three empirical exercises to better understand these vulnerabilities. First, we identify the determinants of FC borrowing. Second, we investigate the implications for real activity, finding a balance sheet effect that transmits exchange rate fluctuations to investment and is asymmetric, much stronger for depreciations than for appreciations. Finally, we find that foreign exchange derivatives are not used solely for hedging, due in part to monetary authority intervention to smooth exchange rate volatility. However, a full explanation remains open for future research.

Accounting --- Banks and Banking --- Exports and Imports --- Foreign Exchange --- Investments: General --- Investment --- Capital --- Intangible Capital --- Capacity --- Public Administration --- Public Sector Accounting and Audits --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Trade: General --- Financial reporting, financial statements --- Financial services law & regulation --- International economics --- Macroeconomics --- Currency --- Foreign exchange --- Financial statements --- Hedging --- Exports --- Depreciation --- Exchange rates --- Public financial management (PFM) --- Financial regulation and supervision --- International trade --- National accounts --- Finance, Public --- Financial risk management --- Saving and investment --- Colombia

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