Global corporate bond issuance: What role for US quantitative easing?

Abstract

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What slice of the pie? The corporate bond market boom in emerging economies

“…Caballero et al (2015) highlight that the effect is stronger in countries with tighter capital controls on capital inflows. Lo Duca et al (2016) show a positive effect of US quantitative easing policies on NFC bond issuance in a sample of advanced and emerging economies. 10 McCauley et al (2015a) discuss the importance US unconventional monetary policies for changes in dollar credit transmission from global banks to global bond investors.…”

The Coming US Interest Rate Tightening Cycle: Smooth Sailing or Stormy Waters?

“…11 Schularick and Taylor (2012) and Bruno and Shin (2013) highlight how currency developments interact with leverage in building financial vulnerabilities. Regarding corporate balance sheet exposures, record-low interest rates and access to abundant global liquidity in the post-crisis period have facilitated a significant increase in corporate bond issuance in international markets (Feyen et al 2015, Lo Duca et al 2014, McCauley et al 2015. This has in turn led to a sizable increase in leverage in a growing number of EFEs ( Figure 11).…”

Влияние Внешних Факторов На Развитие Рынка Консалтинговых Услуг

“…A considerable proportion of these cheap funds ended up as liabilities on the balance sheets of corporations in emerging market economies, either as banking debt or as corporate bond debt (Lo Duca et al, 2014). McCauley et al (2015) estimate that between 2009 and 2014 overseas credit provided through bank loans and bonds amounted to $9.8 trillion.…”