Institutional Investors, the Dollar, and U.S. Credit Conditions
Volume: 2019, Issue: 1246, Pages: 1 - 69
Published: Apr 1, 2019
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
Institutional Investors, the Dollar, and U.S. Credit Conditions
Published Date
Apr 1, 2019
Volume
2019
Issue
1246
Pages
1 - 69
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