| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14892 |
| DP14892 The Dollar and Corporate Borrowing Costs | |
| Ralf Meisenzahl; Friederike Niepmann; Tim Schmidt-Eisenlohr | |
| 发表日期 | 2020-06-13 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We show that U.S. dollar movements affect syndicated loan terms for U.S. borrowers, even for those without trade exposure. We identify the effect of dollar movements using spread and loan amount adjustments during the syndication process. Using this high-frequency, within loan variation, we find that a one standard deviation increase in the dollar index increases spreads by up to 15 basis points and reduces loan amounts and underpricing by up to 2 percent and 7 basis points, respectively. These effects are concentrated in dollar appreciations. Our results suggest that global factors reflected in the dollar determine U.S. borrowing costs. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Loan pricing Syndicated loans Dollar Institutional investors Risk taking |
| URL | https://cepr.org/publications/dp14892 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543831 |
| 推荐引用方式 GB/T 7714 | Ralf Meisenzahl,Friederike Niepmann,Tim Schmidt-Eisenlohr. DP14892 The Dollar and Corporate Borrowing Costs. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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