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U.S. Dollar Currency Premium in Corporate Bonds
Caramichael, John; Gopinath, Gita; Liao, Gordon - 2022
observe a dollar safety premium in relative hedged borrowing costs, found in the subset of bonds with high credit ratings and …
Persistent link: https://www.econbiz.de/10013306776
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Dollarization and Financial Development
Bannister, Geoffrey J. - 2018
elevated shares of foreign currency deposits and credit in the banking system, remains common in developing economies. We study … the impact of financial dollarization, differentiating across foreign currency deposits and credit on financial depth …
Persistent link: https://www.econbiz.de/10012909419
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Credit Growth in Latin America : Financial Development or Credit Boom?
Hansen, Niels-Jakob Harbo - 2013
Banking credit to the private sector in Latin America has on average increased by 7 percent of GDP from primo 2004 to … ultimo 2011, with real credit in some countries growing by up to 20 percent per year. This paper documents and analyzes the … patterns of credit growth in 18 countries in Latin America and uses econometric methods to determine whether it is indicative …
Persistent link: https://www.econbiz.de/10013080862
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The Pros and Cons of Full Dollarization
Borensztein, Eduardo - 2021
We analyze the costs and benefits of full dollarization compared to its closest alternative, a currency board, quantifying for Argentina where possible. Potential advantages include lower borrowing costs and deeper integration into world markets. One cost is the transfer of seigniorage to the...
Persistent link: https://www.econbiz.de/10013212036
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Global Banks' Dollar Funding : A Source of Financial Vulnerability
Barajas, Adolfo - 2020
Leading up to the global financial crisis, US dollar activity by global banks headquartered outside the United States played a crucial role in transmitting shocks originating in funding markets. Although post-crisis regulation has improved banking systems' resilience, US dollar funding remains a...
Persistent link: https://www.econbiz.de/10012827587
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The Non-U.S. Bank Demand for U.S. Dollar Assets
Adrian, Tobias - 2020
The USD asset share of non-U.S. banks captures the demand for dollars by these investors. An instrumental variable strategy identifies a causal link from the USD asset share to the USD exchange rate. Cross-sectional asset pricing tests show that the USD asset share is a highly significant...
Persistent link: https://www.econbiz.de/10012828241
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Reducing Dollarization in the Caucasus and Central Asia
Cakir, Selim; Atamanchuk, Maria; AL-Riyami, Mazin; … - 2022
Declining but still high dollarization rates in the Caucasus and Central Asia (CCA) region affect macroeconomic stability, monetary policy transmission, and financial sector development. Although several studies have investigated the dynamics of dollarization in the CCA, the relative roles of...
Persistent link: https://www.econbiz.de/10014079015
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Central Banks as Dollar Lenders of Last Resort : Implications for Regulation and Reserve Holdings
Das, Mitali; Gopinath, Gita; Kim, Taehoon; Stein, Jeremy C. - 2023
This paper explores how non-U.S. central banks behave when firms in their economies engage in currency mismatch, borrowing more heavily in dollars than justified by their operating exposures. We begin by documenting that, in a panel of 53 countries, central bank holdings of dollar reserves are...
Persistent link: https://www.econbiz.de/10014257932
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Covered Interest Parity Deviations : Macrofinancial Determinants
Cerutti, Eugenio - 2019
For about three decades until the Global Financial Crisis (GFC), Covered Interest Parity (CIP) appeared to hold quite closely-even as a broad macroeconomic relationship applying to daily or weekly data. Not only have CIP deviations significantly increased since the GFC, but potential macro...
Persistent link: https://www.econbiz.de/10012892902
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Surprise, Surprise : What Drives the Rand/U.S. Dollar Exchange Rate Volatility?
Maveé, Nasha - 2016
, but not those originating from South Africa, Europe, or China …
Persistent link: https://www.econbiz.de/10012977761