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Global Banks’ Dollar Funding: A Source of Financial Vulnerability
Mr.Adolfo Barajas
Andrea Deghi
Claudio Raddatz
MissDulani Seneviratne
Peichu Xie
Yizhi Xu
出版
International Monetary Fund
, 2020-07-03
主題
Business & Economics / Banks & Banking
Business & Economics / Money & Monetary Policy
Business & Economics / Finance / General
ISBN
1513549146
9781513549149
URL
http://books.google.com.hk/books?id=hLEaEAAAQBAJ&hl=&source=gbs_api
EBook
SAMPLE
註釋
Leading up to the global financial crisis, US dollar activity by global banks headquartered outside the United States played a crucial role in transmitting shocks originating in funding markets. Although post-crisis regulation has improved banking systems’ resilience, US dollar funding remains a global vulnerability, as evidenced by strains that reemerged in March 2020 in the midst of the COVID-19 crisis. We show that shocks to US dollar funding costs lead to financial stress in the home economies of these global non-US banks, and to spillovers to borrowers, especially emerging economies. US dollar funding vulnerability amplifies these negative effects, while some policy-related factors act as mitigators, such as swap line arrangements between central banks and international reserve holdings. Thus, these vulnerabilities should be monitored and, to the extent possible, controlled.