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The US Dollar Shortage in Global Banking and the International Policy Response

McGuire, Patrick; von Peter, Goetz - 2013

Among the policy responses to the global financial crisis, the international provision of US dollars via central bank swap lines stands out. This paper studies the build-up of stresses on banks' balance sheets that led to this coordinated policy response. Using the BIS international banking...

Persistent link: https://www.econbiz.de/10014202514

Global Dollar Credit : Links to US Monetary Policy and Leverage

McCauley, Robert N. - 2015

Banks and bond investors have extended $9 trillion of US dollar credit to non-bank borrowers outside the United States. This has relevance for the discussion of global liquidity and global monetary policy transmission. This paper contributes to this policy discussion by analysing the links...

Persistent link: https://www.econbiz.de/10013029939

Perceived Central Bank Intervention and Market Expectations : An Empirical Study of the Yen/Dollar Exchange Rate, 1993-96

Galati, Gabriele; Melick, William R. - 2013

This paper uses a new data set, based on Reuters news articles, to capture intervention that is perceived by FX traders and probability density functions (PDFs) estimated from option data to describe market expectations. We find that, between September 1993 and April 1996, traders viewed the...

Persistent link: https://www.econbiz.de/10014061174

Financial Crisis, US Unconventional Monetary Policy and International Spillovers

Chen, Qianying - 2015

We study the impact of US quantitative easing (QE) on both the emerging and advanced economies, estimating a global vector error correction model (GVECM). We focus on the effects of reductions in the US term and corporate spreads. The estimated effects of QE are sizeable and vary across...

Persistent link: https://www.econbiz.de/10013026237

The Euro and the Dollar

McCauley, Robert N. - 2013

How will the arrival of the euro affect the dollar? This paper uses portfolio theory to analyse the likelihood and … impact of shifts between the dollar and the euro by private asset managers, official reserve managers and global liability … euro's introduction; the interval until the European Central Bank consolidates its credibility; and the approach to the …

Persistent link: https://www.econbiz.de/10014061046

Monetary Policy Rules in Emerging Market Economies : Issues and Evidence

Klau, Marc; Mohanty, Madhusudan S. - 2013

inflation rate or the output gap. The result is robust to alternative specification and estimation methods. This highlights the …

Persistent link: https://www.econbiz.de/10014058414

The Reaction Function Channel of Monetary Policy and the Financial Cycle

Filardo, Andrew J. - 2019

This paper examines whether monetary policy reaction function matters for financial stability. We measure how responsive the Federal Reserve's policy appears to be to imbalances in the equity, housing and credit markets. We find that changes in these policy sensitivities predict the later...

Persistent link: https://www.econbiz.de/10012861841

Relationship and Transaction Lending in a Crisis

Bolton, Patrick - 2014

We study how relationship lending and transaction lending vary over the business cycle. We develop a model in which relationship banks gather information on their borrowers, which allows them to provide loans for profitable firms during a crisis. Due to the services they provide, operating costs...

Persistent link: https://www.econbiz.de/10013062240

The Shifting Drivers of Global Liquidity

Avdjiev, Stefan - 2017

The post-crisis period has seen a considerable shift in the composition and drivers of international bank lending and international bond issuance, the two main components of global liquidity. The sensitivity of both types of flow to US monetary policy rose substantially in the immediate...

Persistent link: https://www.econbiz.de/10012954014

Systematic Monetary Policy and the Forward Premium Puzzle

Tambakis, Demosthenes N. - 2014

Is systematic monetary policy a driver of the forward premium puzzle, i.e. the tendency of high interest-rate currencies to appreciate, thus strongly violating Uncovered Interest Parity (UIP)? We address this question by studying a battery of monetary policy rules in a small open economy that is...

Persistent link: https://www.econbiz.de/10013064800