Bacchetta, Philippe; Cordonier, Rachel; Merrouche, Ouarda - 2020 - This draft: June 2020
are more likely to issue bonds in foreign currency when US interest rates are low. This increase occurs across the board …. Interestingly, capital controls on bond inflows significantly decrease the likelihood of issuing in foreign currency and can even … increase foreign currency issuances of non-financial corporates, although this effect can be significantly reduced using …
