Before the 1997 Asian crisis, many Asian firms borrowed money in foreign currencies, which caused problems when their own currency lost value. Recently, there has been a rise in foreign currency borrowing again. A study looked at South Korean firms during the 1997 crisis and found that low-productivity firms that borrowed in foreign currency and sold locally were less likely to survive a currency collapse. On the other hand, high-productivity firms that borrowed in foreign currency were more likely to survive and perform well. This shows that the type of firm and how they use foreign currency borrowing can affect their chances of success during a currency crisis.