Niepmann, Friederike - 2019
This paper documents that an appreciation of the U.S. dollar is associated with a reduction in the supply of commercial … and industrial loans by U.S. banks. An increase in the broad dollar index by 2.5 points (one standard deviation) reduces U.S …. Today, the main buyers of U.S. corporate loans—and, hence, suppliers of funding for these loans—are institutional investors …