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Foreign Currency Bank Funding and Global Factors
by Signe Krogstrup and Cédric Tille

Series:Working Paper No. 18/97
ISBN 9781484353660
Code: #WPIEA2018097

Publication year: 2018

Cdn: $27.00; US: $23.50
Paperback
Language: English
59 pages
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The literature on the drivers of capital flows stresses the prominent role of global financial factors. Recent empirical work, however, highlights how this role varies across countries and time, and this heterogeneity is not well understood. We revisit this question by focusing on financial intermediaries’ funding flows in different currencies. A concise portfolio model shows that the sign and magnitude of the response of foreign currency funding flows to global risk factors depend on the financial intermediary’s pre-existing currency exposure. An analysis of a rich dataset of European banks’ aggregate balance sheets lends support to the model predictions, especially in countries outside the euro area.
Foreign Currency Bank Funding and Global Factors
Cdn: $27.00; US: $23.50
International Monetary Fund (IMF) BookID: 122561 Added: 2018.5.15