| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13237 |
| DP13237 Global Investors, the Dollar, and U.S. Credit Conditions | |
| Friederike Niepmann; Tim Schmidt-Eisenlohr | |
| 发表日期 | 2018-10-10 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | This paper documents that an appreciation of the U.S. dollar is associated with a reduction in the supply of commercial and industrial loans by U.S. banks. An increase in the broad dollar index by 2.5 points (one standard deviation) reduces U.S. banks' corporate loan originations by 10 percent. This decline is driven by a reduction in the demand for loans on the secondary market where prices fall and liquidity worsens when the dollar appreciates, with stronger effects for riskier loans. Today, the main buyers of U.S. corporate loans—and, hence, suppliers of funding for these loans—are institutional investors, in particular mutual funds, which experience outflows when the dollar appreciates. A shift of traditional financial intermediation to these relatively unregulated entities, which are more sensitive to global developments, has led to the emergence of this new channel through which the dollar affects the U.S. economy, which we term the secondary market channel. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Leveraged loan market Commercial and industrial loans U.s. dollar exchange rate Credit standards Institutional investors |
| URL | https://cepr.org/publications/dp13237 |
| 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/542045 |
| 推荐引用方式 GB/T 7714 | Friederike Niepmann,Tim Schmidt-Eisenlohr. DP13237 Global Investors, the Dollar, and U.S. Credit Conditions. 2018. |
| 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。
