Paieškos galimybės
Apie mus Žiniasklaidai Paaiškinimai Tyrimai ir publikacijos Statistika Pinigų politika Euro Mokėjimai ir rinkos Darbas ECB
Pasiūlymai
Rūšiuoti pagal
Nėra lietuvių kalba

Swapan-Kumar Pradhan

18 March 2024
WORKING PAPER SERIES - No. 2918
Details
Abstract
This paper provides insights into the determinants of currency choice in cross-border bank lending, such as bilateral distance, financial and trade linkages to issuer countries of major currencies, and invoicing currency patterns. Cross-border bank lending in US dollars, and particularly in euro, is highly concentrated in a small number of countries. The UK is central in the international network of loans denominated in euro, although there are tentative signs that this role has diminished for lending to non-banks since Brexit. Offshore financial centres are pivotal for US dollars loans, reflecting, in particular, lending to non-bank financial intermediaries in the Cayman Islands, possibly as a result of regulatory and tax optimisation strategies. The empirical analysis suggests that euro-denominated loans face the “tyranny of distance”, in line with predictions of gravity models of trade, in contrast to US dollar loans. Complementarities between trade invoicing and bank lending are found for both the euro and the US dollar.
JEL Code
F31 : International Economics→International Finance→Foreign Exchange
F33 : International Economics→International Finance→International Monetary Arrangements and Institutions
F34 : International Economics→International Finance→International Lending and Debt Problems
F36 : International Economics→International Finance→Financial Aspects of Economic Integration
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
21 June 2023
THE INTERNATIONAL ROLE OF THE EURO - SPECIAL FEATURE
The international role of the euro 2023
Details
JEL Code
:
14 June 2022
THE INTERNATIONAL ROLE OF THE EURO - BOX
The international role of the euro 2022