Global Investors, the Dollar, and U.S. Credit Conditions
Abstract
This paper documents that an appreciation of the U.S. dollar is associated with a reduction in the supply of commercial and industrial loans by U.S. banks. An increase in the broad dollar index by 2.5 points (one standard deviation) reduces U.S. banks' corporate loan originations by 10 percent. This decline is driven by a reduction in the demand for loans on the secondary market where prices fall and liquidity worsens when the dollar...
Paper Details
Title
Global Investors, the Dollar, and U.S. Credit Conditions
Published Date
Jan 1, 2018
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