Global corporate bond markets and local monetary policy transmission
研究了欧元区非金融企业如何通过发行美元债券来规避本地货币紧缩带来的高融资成本，发现能利用全球债券市场的企业投资受货币政策影响较小，表明资本市场开放可削弱国内投资渠道。
When tight monetary policy curtails domestic supply of credit and raises domestic borrowing costs, some firms can mitigate higher local borrowing costs by tapping global bond markets. This paper investigates whether this prediction holds for non-financial companies in the euro area. I first show that euro area firms exploit borrowing cost differentials between USD and EUR by issuing corporate bonds in USD when swap-adjusted U.S. dollar funding costs fall below euro rates. Using proxies for such opportunistic borrowing behavior, I then find that firms capable of seizing these opportunities in global corporate bond markets do not reduce their fixed capital investment to the same extent as other firms in response to monetary tightening. Further findings reveal that this differential investment response is not explained by differences in financial constraints or investment opportunities; instead, it reflects the ability to switch to lower cost offshore bond finance. Overall, the results underscore heterogeneity in the real effects of monetary policy and suggest that capital market openness can attenuate the domestic investment channel when global conditions allow lower cost funding abroad.