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Dollar funding of non-US banks through Covid-19

Iñaki Aldasoro, Egemen Eren and Wenqian Huang

BIS Quarterly Review, 2021

Abstract: Non-US banks' on-balance sheet dollar liabilities rose in 2020 despite the decline in funding from US and offshore money market funds (MMFs). Other non-bank financial institutions were behind this increase, as they drove the strong rise in deposits booked inside and outside the United States. Non-US banks' issuance of international debt securities in US dollars remained resilient in 2020. Additionally, the currency composition of banks' total bond issuance tilted towards the dollar after March. Overall, our findings point to changes in funding relationships that could have long-lasting effects on the functioning of dollar funding markets.

JEL-codes: F30 G15 G21 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (10)

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