Dollar Credit to Emerging Market Economies

15 Pages Posted: 8 Dec 2015

See all articles by Robert N. McCauley

Robert N. McCauley

University of Oxford - Oxford Centre for Global History; Boston University, Global Development Policy Center

Patrick McGuire

Bank for International Settlements (BIS)

Vladyslav Sushko

Bank for International Settlements (BIS) - Monetary and Economic Department

Date Written: December 6, 2015

Abstract

We profile the US dollar debt incurred by borrowers in a dozen prominent emerging market economies (EMEs). These countries account for the bulk of total US dollar debt owed by EMEs. We measure the dollar borrowing of non-banks resident in these economies as well as that of their affiliates offshore, and relate these items to commonly used debt measures. We also discuss the limitations of our data. These data fail to assign bank debt to the right home country if firms have obtained dollar bank loans through offshore affiliates. And they understate dollar debt when firms borrow dollars indirectly through foreign exchange forwards.

JEL Classification: E43, E51, F34, G21, G23

Suggested Citation

McCauley, Robert N. and McGuire, Patrick M. and Sushko, Vladyslav, Dollar Credit to Emerging Market Economies (December 6, 2015). BIS Quarterly Review December 2015, Available at SSRN: https://ssrn.com/abstract=2700256

Robert N. McCauley (Contact Author)

University of Oxford - Oxford Centre for Global History ( email )

Mansfield Road
Oxford, Oxfordshire OX1 4AU
United Kingdom

Boston University, Global Development Policy Center ( email )

67 Bay State Road
Boston, MA 02215
United States

Patrick M. McGuire

Bank for International Settlements (BIS) ( email )

CH-4002 Basel, Basel-Stadt
Switzerland

Vladyslav Sushko

Bank for International Settlements (BIS) - Monetary and Economic Department ( email )

Centralbahnplatz 2
Basel, Basel-Stadt 4002
Switzerland

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