Global dollar credit and carry trades: a firm-level analysis

Valentina Bruno and Hyun Song Shin

No 510, BIS Working Papers from Bank for International Settlements

Abstract: We conduct a firm-level analysis of borrowing in US dollars by non-financial corporates from outside the United States. The dataset combines bond issuance data with firm-level financial information. We find that firms with already high cash holdings are more likely to issue US dollar-denominated bonds, and that the proceeds of the bond issue add to cash holdings. The tendency to add cash is more pronounced during periods when the dollar carry trade is more favourable and is prevalent for emerging market firms.

Keywords: emerging markets; bond issuance; surrogate intermediaries (search for similar items in EconPapers)
Pages: 53 pages
Date: 2015-08
New Economics Papers: this item is included in nep-bec and nep-ifn
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (49)

Downloads: (external link)
http://www.bis.org/publ/work510.pdf Full PDF document (application/pdf)
http://www.bis.org/publ/work510.htm (text/html)

Related works:
Journal Article: Global Dollar Credit and Carry Trades: A Firm-Level Analysis (2017)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bis:biswps:510

Access Statistics for this paper

More papers in BIS Working Papers from Bank for International Settlements Contact information at EDIRC.
Bibliographic data for series maintained by Martin Fessler (webmaster@bis.org).