国际清算银行-新备胎：本币信贷作为全球减震器（英）-2024.7-43页.pdfVIP

BISWorkingPapers

No1199

Newsparetires:local

currencycreditasa

globalshockabsorber

byStefanAvdjiev,JohnBurger,BryanHardy

MonetaryandEconomicDepartment

July2024

JELclassification:F30,G30

Keywords:Emergingmarkets,localcurrencydebt,

foreigncurrencydebt,globalfactors,dollardebt

BISWorkingPapersarewrittenbymembersoftheMonetaryandEconomic

DepartmentoftheBankforInternationalSettlements,andfromtimetotimebyother

economists,andarepublishedbytheBank.Thepapersareonsubjectsoftopical

interestandaretechnicalincharacter.Theviewsexpressedinthemarethoseoftheir

authorsandnotnecessarilytheviewsoftheBIS.

ThispublicationisavailableontheBISwebsite().

©BankforInternationalSettlements2024.Allrightsreserved.Briefexcerptsmaybe

reproducedortranslatedprovidedthesourceisstated.

ISSN1020-0959(print)

ISSN1682-7678(online)

Newsparetires:

localcurrencycreditasaglobalshockabsorber1

0F

StefanAvdjievJohnBurgerBryanHardy

BankforInternationalLoyolaUniversityMarylandBankforInternational

SettlementsSettlements

3JULY2024

Abstract

Itiswell-knownthatdollarcredittoemergingmarket(E