I examine the effect of marketable security holdings on monetary policy when those securities are classified under SFAS 115. Prior research has shown that loan growth is negatively related to monetary contractions and that marketable security holdings mitigate that negative relationship. Those...

We study how low interest rates in the United States affect risk taking in the market of cross-border leveraged corporate loans. To the extent that actions of the Federal Reserve affect U.S. interest rates, our analysis provides evidence of a cross-border spillover effect of monetary policy. We...

In our model, cross-currency basis, which captures the deviations from covered interest rate parity (CIP), reflects the relative value of the scarcer currency (US dollar) as collateral in funding constraints. Our empirical evidence shows that measures of dollar shortage derived from ECB tenders,...

This paper documents the impact of U.S. monetary policy announcement surprises on equity indexes in sixteen countries, covering both developed and emerging economies. Using high-frequency intraday data, I find a large and significant response of Asian, European, and Latin American equity indexes...

By any exacting standard of transparency, most monetary authorities (hereafter MAs) are losers. Indeed, most MAs fail to make timely, full and fair disclosures of their financial positions. This allows them to operate under a thick shroud of secrecy. The ensuing confusion and ambiguity renders...