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MacroPru @MacroPru
, 26 tweets, 23 min read Read on Twitter
"Such carry trades have been a source of support for EM currencies"… @ft ... carry trades… @BIS_org #EmergingMarkets "comprehensive database that combines bond issuance data with firm-level balance sheet data"
"non-financial firms that exploit favourable global financing conditions to issue US dollar bonds and build cash balances are also those whose share price is most vulnerable to local currency depreciation"… #LiabilityDollarisation
"firms have continued to load up on dollar-denominated debt since the 'taper tantrum'”… Study Finds a Weak Dollar is Good for Emerging Market Assets…
"The Dollar Exchange Rate and Global Risk Factor: Evidence from Investment," #ARCPolak @IMFNews @BIS_org… @KogodBiz
"The Dollar Exchange Rate as a Global Risk Factor: Evidence from Investment" #EmergingMarkets #StrongDollar… Valentina Bruno, Hyun Song Shin, Catherine Koch, Stefan Avdjiev
"Valentina Bruno and Hyun Song Shin of the @BIS_org have examined (working paper here) a "risk-taking" channel of U.S. monetary policy that links exchange rate movements to cross-border banking flows" #StrongDollar #EmergingMarkets @SeekingAlpha…
"The dollar’s strength is a problem for the world" @TheEconomist A study by Bruno & Shin "found that those #EmergingMarkets companies able to borrow in dollars act like surrogate financial firms"… @KogodBiz @BIS_org @HyunSongShin
"continued dollar appreciation would be “a double whammy” for emerging market currencies." #EmergingMarkets #StrongDollar…
#IMF #ARCPolak #ARCPolak2017 The Dollar Exchange Rate as a Global Risk Factor: Evidence from Investment… #EmergingMarkets #StrongDollar
In “Global Dollar Credit and Carry Trades: A Firm-Level Analysis”, Bruno and Shin find that emerging market firms borrow more when financial conditions are more favorable… @OUPAcademic @BIS_org @KogodBiz #StrongDollar #EmergingMarkets #CarryTrade
“Currency Depreciation and #EmergingMarkets Corporate Distress”, firms that borrowed in dollars and invested in domestic financial assets are the hardest hit when the #dollar rebounds.… @BIS_org @KogodBiz @HyunSongShin
"unmistakable correlation between the outperformance of the Dollar, and the underperformance of #EmergingMarkets Debt." @zerohedge…
"Corporate debt at risk--the debt of firms with limited debt service capacity--has been rising in EMEs, as shown in figure 7.7 " @federalreserve… #EmergingMarkets
#EmergingMarkets debt @IIF
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