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
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
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 (48) Track citations by RSS feed
Downloads: (external link)
http://www.bis.org/publ/work510.pdf Full PDF document (application/pdf)
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)
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 Christian Beslmeisl ().