Search Results

Showing results 1 to 2 of approximately 2.

(refine search)
Keywords:Global spillovers 

Working Paper
Risk-Taking Spillovers of U.S. Monetary Policy in the Global Market for U.S. Dollar Corporate Loans

We study the effects of U.S. interest rates and other factors on risk-taking in the global market for U.S. dollar syndicated term loans. We find that, before the Global Financial Crisis, both U.S. and non-U.S. lenders originated ex ante riskier loans to non-U.S. borrowers in response to a decline in short-term U.S. interest rates and, after the crisis, in response to a decline in longer-term U.S. interest rates. After the crisis, this behavior was more prominent for shadow banks and less prominent for banks with relatively low capital. Separately, before the crisis, lenders originated less ...
International Finance Discussion Papers , Paper 1251

Discussion Paper
The Dollar’s Imperial Circle

The importance of the U.S. dollar in the context of the international monetary system has been examined and studied extensively. In this post, we argue that the dollar is not only the dominant global currency but also a key variable affecting global economic conditions. We describe the mechanism through which the dollar acts as a procyclical force, generating what we dub the “Dollar’s Imperial Circle,” where swings in the dollar govern global macro developments.
Liberty Street Economics , Paper 20230301


FILTER BY Content Type


Akinci, Ozge 1 items

Benigno, Gianluca 1 items

Lee, Seung Jung 1 items

Liu, Lucy Qian 1 items

Pelin, Serra 1 items

Stebunovs, Viktors 1 items

show more (2)

FILTER BY Jel Classification

E44 1 items

E52 1 items

F00 1 items

F30 1 items

F42 1 items

G15 1 items

show more (2)