| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16415 |
| DP16415 Dash for Dollars | |
| Ambrogio Cesa-Bianchi; Fernando Eguren Martin | |
| 发表日期 | 2021-08-01 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Within-firm variation of corporate bond spreads around the Covid-19 outbreak shows that US dollar-denominated bonds experienced larger increases in spreads relative to non-dollar bonds, especially at short maturities. Differently, in the non-dollar sample it was the spreads of longer maturity bonds that widened more markedly. Price pressures arising from a liquidity-driven dash for cash alone cannot rationalize these findings. Instead, the patterns we uncover suggest a `dash for dollars', in which investors sold their dollar-denominated assets first, with a consequent impact on prices. We link these dynamics to the dominant role of the US dollar in the international financial system. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Heterogeneity Credit spreads Liquidity Dash-for-cash Us dollar Covid-19 Event-study Identification |
| URL | https://cepr.org/publications/dp16415-0 |
| 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/545377 |
| 推荐引用方式 GB/T 7714 | Ambrogio Cesa-Bianchi,Fernando Eguren Martin. DP16415 Dash for Dollars. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
