MacroPru😷 Profile picture
May 4, 2018 26 tweets 23 min read Twitter logo Read on Twitter
"Such carry trades have been a source of support for EM currencies"… @ft ... carry trades… @BIS_org #EmergingMarkets "comprehensive database that combines bond issuance data with firm-level balance sheet data"
"non-financial firms that exploit favourable global financing conditions to issue US dollar bonds and build cash balances are also those whose share price is most vulnerable to local currency depreciation"… #LiabilityDollarisation
"firms have continued to load up on dollar-denominated debt since the 'taper tantrum'”… Study Finds a Weak Dollar is Good for Emerging Market Assets…
"The Dollar Exchange Rate and Global Risk Factor: Evidence from Investment," #ARCPolak @IMFNews @BIS_org… @KogodBiz
"The Dollar Exchange Rate as a Global Risk Factor: Evidence from Investment" #EmergingMarkets #StrongDollar… Valentina Bruno, Hyun Song Shin, Catherine Koch, Stefan Avdjiev
"Valentina Bruno and Hyun Song Shin of the @BIS_org have examined (working paper here) a "risk-taking" channel of U.S. monetary policy that links exchange rate movements to cross-border banking flows" #StrongDollar #EmergingMarkets @SeekingAlpha…
"The dollar’s strength is a problem for the world" @TheEconomist A study by Bruno & Shin "found that those #EmergingMarkets companies able to borrow in dollars act like surrogate financial firms"… @KogodBiz @BIS_org @HyunSongShin
"continued dollar appreciation would be “a double whammy” for emerging market currencies." #EmergingMarkets #StrongDollar…
#IMF #ARCPolak #ARCPolak2017 The Dollar Exchange Rate as a Global Risk Factor: Evidence from Investment… #EmergingMarkets #StrongDollar
In “Global Dollar Credit and Carry Trades: A Firm-Level Analysis”, Bruno and Shin find that emerging market firms borrow more when financial conditions are more favorable… @OUPAcademic @BIS_org @KogodBiz #StrongDollar #EmergingMarkets #CarryTrade
“Currency Depreciation and #EmergingMarkets Corporate Distress”, firms that borrowed in dollars and invested in domestic financial assets are the hardest hit when the #dollar rebounds.… @BIS_org @KogodBiz @HyunSongShin
"unmistakable correlation between the outperformance of the Dollar, and the underperformance of #EmergingMarkets Debt." @zerohedge…
"Corporate debt at risk--the debt of firms with limited debt service capacity--has been rising in EMEs, as shown in figure 7.7 " @federalreserve… #EmergingMarkets
#EmergingMarkets debt @IIF
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More from @MacroPru

Aug 18, 2018
"#Macroprudential policies could be increased to enhance the resilience of the financial system"… in "Financial conditions and GDP growth-at-risk" Adrian, Liang, et al. @BrookingsInst @IMFNews
GaR: "growth at risk" and general equilibrium models with macrofinancial linkages… @BrookingsInst @IMFNews @MacroFinanceSoc Liang, Adrian, et al
"A structural model would be needed to evaluate how #macroprudential policies could be used to affect GaR. In aspiration, #macroprudential policies could aim to tighten financial conditions when conditional expected growth and GaR are relatively high ... "…
Read 13 tweets
Mar 7, 2018
Chopping down loan loss reserves is another form of de-regulation. #SystemicRisk
China’s banking regulator has softened rules requiring lenders to set aside provisions against losses on bad loans, to encourage banks to provide more trustworthy assessments of their health.…
Read 6 tweets

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