Official holdings of US dollar reserves are partly invested outside the United States. These offshore investments do … not strictly speaking finance the US current account, but do support the US dollar. Offshore holdings grow fast when …

We isolate a U.S. dollar currency premium by comparing corporate bonds issued in the dollar and the euro by firms o … mix of their debt issuance depending on the relative borrowing cost between dollar and euro debt. In sum, the … in the dollar. First, while the dollar dominates global debt issuance, borrowing costs in the dollar are more expensive …

The corporate basis measures the pricing difference between dollar and foreign currency bonds issued by the same … between safe and risky dollar assets. To further establish this stylized fact, we perform a structural VAR analysis and … causes a tightening of credit spreads, a demand shift toward safe assets, and an appreciation of the dollar. We also find …

excluding those directly involving the US. Our results indicate that variation in US variables - notably the VIX and US dollar …

This paper uses a novel variant of identification through hetroscedacity to estimate spillovers across U.S., Euro area … reverberate around the world much more strongly than shocks from other regions, including the Euro area, while inward spillovers … to the U.S. from elsewhere are minimal. There is also evidence of two-way spillovers between the UK and Euro area …