| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25083 |
| 来源ID | Working Paper 25083 |
| Macroprudential FX Regulations: Shifting the Snowbanks of FX Vulnerability? | |
| Toni Ahnert; Kristin Forbes; Christian Friedrich; Dennis Reinhardt | |
| 发表日期 | 2018-09-24 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Can macroprudential foreign exchange (FX) regulations on banks reduce the financial and macroeconomic vulnerabilities created by borrowing in foreign currency? To evaluate the effectiveness and unintended consequences of macroprudential FX regulations, we develop a parsimonious model of bank and market lending in domestic and foreign currency and derive four predictions. We confirm these predictions using a rich dataset of macroprudential FX regulations. These empirical tests show that FX regulations: (1) are effective in terms of reducing borrowing in foreign currency by banks; (2) have the unintended consequence of simultaneously causing firms to increase FX debt issuance; (3) reduce the sensitivity of banks to exchange rate movements, but (4) are less effective at reducing the sensitivity of corporates and the broader financial market to exchange rate movements. As a result, FX regulations on banks appear to be successful in mitigating the vulnerability of banks to exchange rate movements and the global financial cycle, but partially shift the snowbank of FX vulnerability to other sectors. |
| 主题 | International Economics ; International Finance ; Financial Economics ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w25083 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582756 |
| 推荐引用方式 GB/T 7714 | Toni Ahnert,Kristin Forbes,Christian Friedrich,et al. Macroprudential FX Regulations: Shifting the Snowbanks of FX Vulnerability?. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25083.pdf（838KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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