I show that shocks to financial intermediaries supplying hedging instruments to corporations have real effects. I exploit a quasi-natural experiment in South Korea in 2010, where regulations required banks to hold enough capital for taking foreign exchange derivatives (FXD) positions. Using variation in exposure to this regulation across banks, I find that the regulation caused a reduction in FXD supply, leading to a significant decline in exports for firms contracting derivatives with more exposed banks. Results indicate the crucial role of intermediaries in allocating risks through derivatives provision and establish a causal relationship between financial hedging and real economic outcomes.

中文翻译：

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冲击对提供企业对冲工具的中介机构的真正后果


我表明，对向公司提供对冲工具的金融中介机构的冲击会产生真正的影响。我利用了 2010 年在韩国进行的一项准自然实验，那里的法规要求银行持有足够的资本来持有外汇衍生品 （FXD） 头寸。利用不同银行对该法规的风险敞口的变化，我发现该法规导致 FXD 供应减少，导致与风险敞口更大的银行签订衍生品合同的公司出口大幅下降。结果表明，中介机构在通过提供衍生品来分配风险方面发挥着关键作用，并在金融对冲和实际经济结果之间建立了因果关系。