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This paper documents a new type of cross-border bank lending channel. The deepening of the European sovereign debt crisis in 2011 restrained the financial intermediation of European banks in the United States. In this period, some of the U.S. branches of European banks faced a dollar liquidity...
Persistent link: https://www.econbiz.de/10013089630
This paper documents a new type of cross-border bank lending channel using a novel dataset on the balance sheets of U.S. branches of foreign banks and their syndicated loans. We show that: (1) The U.S. branches of euro-area banks suffered a liquidity shock in the form of reduced access to large...
Persistent link: https://www.econbiz.de/10013089846
affected U.S. firms suffered reduced access to syndicated loans, which prompted them to cut investment and built up their cash …
Persistent link: https://www.econbiz.de/10012948272
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A safe asset is of high credit quality, retains its value in bad times, and is traded in liquid markets. We show that bonds issued by the European Union (EU) are widely considered to be of high credit quality, and that their yield spread over German Bunds remained contained during the 2020...
Persistent link: https://www.econbiz.de/10013342231
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likely to do so since it broke out. On the other hand, the consumers who had mostly been paying in cash have often continued … growth of cashless payment usage. The divide between those who pay in cash and those who do not, therefore, seems to have … of factors differentiating usage of cash and the cashless instrument is needed …
Persistent link: https://www.econbiz.de/10013220127
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As part of the Eurosystem’s annual banknote production planning, the national central banks draw up forecasts estimating the volumes of national-issued banknotes in circulation for the three years ahead. As at the end of 2021, more than 80 per cent of euro banknotes in circulation (cumulated...
Persistent link: https://www.econbiz.de/10014353032
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