G2TT
来源类型Discussion paper
规范类型论文
来源IDDP14928
DP14928 The Rise in Foreign Currency Bonds: The Role of US Monetary Policy and Capital Controls
Philippe Bacchetta; Rachel Cordonier; Ouarda Merrouche
发表日期2020-06-24
出版年2020
语种英语
摘要An unintended consequence of loose US monetary policy is the increase in currency risk exposure abroad. Using firm-level data on corporate bond issuances in 17 emerging market economies (EME) between 2003 and 2015, we find that EME companies are more likely to issue bonds in foreign currency when US interest rates are low. This increase occurs across the board, including for firms more vulnerable to foreign exchange exposure, and is particularly strong for bonds issued in local markets. Interestingly, capital controls on bond inflows significantly decrease the likelihood of issuing in foreign currency and can even eliminate the adverse impact of low US interest rates. In contrast, macroprudential foreign exchange regulations tend to increase foreign currency issuances of non-financial corporates, although this effect can be significantly reduced using capital controls.
主题International Macroeconomics and Finance
关键词Foreign currency Corporate bonds Emerging markets Capital controls Currency risk
URLhttps://cepr.org/publications/dp14928
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/543871
推荐引用方式
GB/T 7714
Philippe Bacchetta,Rachel Cordonier,Ouarda Merrouche. DP14928 The Rise in Foreign Currency Bonds: The Role of US Monetary Policy and Capital Controls. 2020.
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