McCauley, Robert N; McGuire, Patrick; Sushko, Vladyslav - Bank for International Settlements (BIS) - 2015
Banks and bond investors have extended $9 trillion of US dollar credit to non-bank borrowers outside the United States …, leverage and flows into bond funds, on the one hand, and dollar credit extended to non-US borrowers, on the other. We find that … the Federal Reserve announced its large-scale bond purchases in 2008, however, bond investors responded to compressed long …