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Mark Joy

16 June 2015
WORKING PAPER SERIES - No. 1810
Banking and currency crises: differential diagnostics for developed countries
English
Details
Abstract
We identify a set of
JEL Code
C14 : Mathematical and Quantitative Methods→Econometric and Statistical Methods and Methodology: General→Semiparametric and Nonparametric Methods: General
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
F37 : International Economics→International Finance→International Finance Forecasting and Simulation: Models and Applications
F47 : International Economics→Macroeconomic Aspects of International Trade and Finance→Forecasting and Simulation: Models and Applications
G01 : Financial Economics→General→Financial Crises
14 October 2008
WORKING PAPER SERIES - No. 947
Foreign-currency bonds: currency choice and the role of uncovered and covered interest parity
English
Details
Abstract
Using count-data techniques, this paper studies the determinants of currency choice in the issuance of foreign-currency-denominated bonds. In particular, we investigate whether bond issuers choose their issuance currency in order to exploit the borrowing-cost savings associated with deviations from uncovered and covered interest parity. Our sample includes issuers from both the public sector and private sector. Our findings show that the choice of issuance currency is sensitive to deviations from uncovered interest parity but insensitive, in general, to deviations from covered interest parity. Furthermore, the influence of deviations from uncovered interest parity is stronger for financial issuers than for nonfinancial issuers.
JEL Code
F31 : International Economics→International Finance→Foreign Exchange
F36 : International Economics→International Finance→Financial Aspects of Economic Integration
G14 : Financial Economics→General Financial Markets→Information and Market Efficiency, Event Studies, Insider Trading
G15 : Financial Economics→General Financial Markets→International Financial Markets
G32 : Financial Economics→Corporate Finance and Governance→Financing Policy, Financial Risk and Risk Management, Capital and Ownership Structure, Value of Firms, Goodwill