Countercyclical Foreign Currency Borrowing: Eurozone Firms in 2007–09
利用银团贷款数据，发现金融危机期间高杠杆欧元区企业美元借款相对欧元借款激增，源于银行从欧元区转向非欧元区（主要是美国）银行，且非欧元区银行因欧元批发融资成本上升和外汇掉期市场紊乱增加了美元贷款比例，从而缓解了欧洲信贷紧缩。
Abstract Using syndicated loan‐level data, we document and explain the causes and implications of a new and surprising stylized fact. In the midst of the financial crisis, dollar borrowing by leveraged Eurozone (EZ) corporates rose dramatically relative to their euro borrowing. We show that this resulted from a shift from EZ to non‐EZ banks, mainly U.S. banks. This was combined with an increase in the proportion of dollar lending by non‐EZ banks, explained by a rise in the relative cost of euro wholesale funding and the disruptions in the FX swap market. Non‐EZ banks thus dampened the 2007–09 credit crunch in Europe.