Many developing countries consider the case for increasing the flexibility of their exchange rates, while they hold substantial corporate dollar debts. We argue that, in this context, a small risk of insolvency may bring about a much larger risk of illiquidity.
BESANCENOT, D. and VRANCEANU, R. (2006). Economies émergentes : l'incompatibilité entre changes flexibles et dettes en devises. Revue d'économie politique, pp. 556-574.