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JEL classification: F32 F34 E44 Keywords: Financial crisis Firm-level data Balance-sheet effects Korean economy Using Korean firm-level data on publicly-listed and privately-held firms together with firm exit data, we find strong evidence that holdings of foreign-currency denominated debt negatively affected the economic performance of small firms during the 1997-98 crisis. The large exchange rate depreciation that occurred during the crisis resulted in a decline in net worth for firms withdoi:10.3386/w17756 fatcat:vm3qk2tokvdy7nm3wfhnzzzbba