全球智库信息集成服务系统(G2TT): DP14928 The Rise in Foreign Currency Bonds: The Role of US Monetary Policy and Capital Controls

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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.