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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP14928 |
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 |
URL | https://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. |
条目包含的文件 | 条目无相关文件。 |
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