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Sinn, Hans-Werner; Westermann, Frank - 2001

Europe and to variations in the demand for black money balances in Europe as a whole. We reject the view that the strength of …

Persistent link: https://www.econbiz.de/10011398903

Global investors, the dollar, and U.S. credit conditions

Niepmann, Friederike; Schmidt-Eisenlohr, Tim - 2018

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....

Persistent link: https://www.econbiz.de/10011922169

The dollar and corporate borrowing costs

Meisenzahl, Ralf R.; Niepmann, Friederike; … - 2020

We show that U.S. dollar movements affect syndicated loan terms for U.S. borrowers, even for those without trade exposure. We identify the effect of dollar movements using spread and loan amount adjustments during the syndication process. Using this high-frequency, within loan variation, we find...

Persistent link: https://www.econbiz.de/10012231575

The dollar channel of monetary policy transmission

Meisenzahl, Ralf R.; Niepmann, Friederike; … - 2025

This paper documents a new dollar channel that transmits monetary policy across borders. Exploiting unique features of the syndicated loan market for identification, we show that changes in the euro-dollar exchange rate around ECB monetary policy announcements that are orthogonal to simultaneous...

Persistent link: https://www.econbiz.de/10015339895

The financial accelerator in the euro area : new evidence using a mixture VAR model

Bennani, Hamza; Neuenkirch, Matthias - 2020

the period 2003Q1–2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy … determining the relative weight of these states over time. We show that shocks to the credit spread and shocks to credit standards … directly lead to a reduction of real GDP growth, whereas shocks to the quantity of credit are less important in explaining …

Persistent link: https://www.econbiz.de/10012383710

SMEs and access to bank credit : evidence on the regional propagation of the financial crisis in the UK

Degryse, Hans; Matthews, Kent; Zhao, Tianshu - 2015 - Second draft: June 2015

We study the sensitivity of banks' credit supply to small and medium size enterprises (SMEs) in the UK to banks … branches in the UK, we connect firms' access to bank credit to the financial condition (i.e., bank health and the use of core … conditions did not influence credit availability irrespective of the functional distance (i.e., the distance between bank branch …

Persistent link: https://www.econbiz.de/10011288792

Small firms and domestic bank dependence in Europe's Great Recession

Hoffmann, Mathias; Maslov, Egor; Sørensen, Bent E. - 2019

Small businesses (SMEs) depend on banks for credit. We show that the severity of the Eurozone crisis was worse in …

Persistent link: https://www.econbiz.de/10012119808

Dollarization of deposits in the short and long run : evidence from CESE countries

Urosevic, Branko; Rajkovic, Ivana - 2016

In this paper, we study the drivers of permanent and transitory deposit dollarization for a sample of CESE countries using panel cointegration techniques. The results suggest that a positive cointegration relationship exists between permanent dollarization and Minimum Variance Portfolio (MVP)...

Persistent link: https://www.econbiz.de/10011421680

The causal effect of the Dollar on trade

Ma, Sai; Schmidt-Eisenlohr, Tim; Zhang, Shaojun - 2020

This paper establishes a causal link between the dollar exchange rate and international trade flows, employing a new instrument for the U.S. Dollar that is based on domestic U.S. housing activity (Ma and Zhang (2019)). In line with the dominant currency paradigm (Gopinath et al. (2020)), import...

Persistent link: https://www.econbiz.de/10012319440

Vehicle currency pricing and exchange rate pass-through

Chen, Natalie; Chung, Wanyu; Novy, Dennis - 2019

Using detailed firm-level transactions data for UK imports, we find that invoicing in a vehicle currency is pervasive, with more than half of transactions in our sample invoiced in neither sterling nor the exporter's currency. We then study the relationship between invoicing currency choices and...

Persistent link: https://www.econbiz.de/10012029070