안녕하세요. 11월 5일에 예정된 수요세미나 안내 드립니다.

일시 및 장소 : 2025년 11월 5일(수) 12:00 ~ 13:00, 다산경제관 32210호

발표자 : 고동균 교수님

논문제목 : Currency Depreciation and Firm Investment: The Capital Reshoring Channel (with Yun Jung Kim)

초록 :

We introduce the capital reshoring channel as a novel mechanism through which currency depreciation can stimulate investment. Unlike traditional financial channels that emphasize balance sheet deterioration from foreign-currency liabilities, this mechanism highlights the asset side of firms' external positions---specifically, foreign direct investment holdings. Depreciation raises the home-currency value of foreign subsidiary earnings, facilitating dividend repatriation, expanding internal liquidity, and ultimately supporting investment at home. Using Korean firm-level data from 2018--2022, we show that firms with pre-existing foreign subsidiaries experience significantly larger increases in cash flow and investment following real depreciation. This capital reshoring effect is particularly pronounced among high-technology firms, financially constrained firms, those exposed to trade conflicts, and privately held firms. Our results demonstrate that overseas assets reshape the transmission of exchange rate shocks, pointing to a previously overlooked expansionary channel of depreciation.

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