Cheap U.S. Dollar Credit: Panacea or Poison? Firm‐Level Evidence from Emerging Markets
利用新兴市场企业数据，发现美元债务发行显著增加了发行企业的风险承担，虽提高了投资支出但大幅降低了投资效率，宏观审慎政策可缓解此效应，且非发行企业因竞争压力也增加风险承担。
Abstract Using firm‐level data from emerging markets, we find that the dollar debt issuance significantly increases issuers’ risk‐taking. While the dollar debt issuance significantly increases issuers’ investment spending, it reduces their investment efficiency substantially. We also show that macroprudential policies can help mitigate the risk‐taking effect of dollar debt issuance. In addition, we provide evidence that nonissuers exhibit increased risk‐taking when faced with rising intraindustry competition pressure from issuers. Overall, the cross‐sectional risk distributions at the industry level are more tilted toward the downside.