Dollar credit to emerging market economies

Robert McCauley, Patrick McGuire and Vladyslav Sushko

BIS Quarterly Review, 2015

Abstract: We profile the US dollar debt incurred by borrowers in a dozen prominent emerging market economies (EMEs). These countries account for the bulk of total US dollar debt owed by EMEs. We measure the dollar borrowing of non-banks resident in these economies as well as that of their affiliates offshore, and relate these items to commonly used debt measures. We also discuss the limitations of our data. These data fail to assign bank debt to the right home country if firms have obtained dollar bank loans through offshore affiliates. And they understate dollar debt when firms borrow dollars indirectly through foreign exchange forwards.

Date: 2015
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