differential there is a three percentage point change in the real dollar/euro valuation. These findings are robust to the …

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 … secondary market where prices fall and liquidity worsens when the dollar appreciates, with stronger effects for riskier loans …

Pegging the renminbi (RMB) to the US dollar since 1994 has characterised China’s exchange rate policy, under either a …