for outstanding research assistance and to Jérôme Vandenbussche, Ursula Vogel, and Enrica Detragiache for sharing their data. The views in this paper are those of the authors and do not necessarily represent the views of any institution with which they are affiliated. cross-border bank FX borrowing by more than half. At the same time, corporates increase FX debt issuance by about 10% of median annual FX debt issuance for the full sample, equivalent to a 15%-20% increase in FX corporate debt issuance for countries such as Brazil and Indonesia. Overall, our findings inform the policy debate on macroprudential regulations and highlight the need to assess their full impact on the economy.

No abstract

Leiva-Leon for valuable comments on the paper and Bryce Shelton for excellent assistance in the data collection process. I would also like to thank all seminar participants at the Banque de France, the Bank of Canada, the Graduate Institute Geneva and all conference participants at the 6th NAFTA Central Banks Conference on the North American Economy: Outlook and Challenges for Economic Policy.

No abstract