International financial transactions have grown in recent years far faster than has our ability to understand their significance for national economies. This article seeks to explain the rise in bank loans from banks outside the United States to U.S. businesses. The article looks at the...

U.S. corporations have floated stocks and bonds in unprecedented amounts in the last year. How much have corporate treasurers reduced their firms' interest payments through such refinancing? After assessing the motives for refinancing, the authors estimate the aggregate interest savings achieved...