BIS economists find frictions in banks’ dollar funding
Research by economists at the Bank for International Settlements has uncovered evidence of frictions in banks’ dollar funding, with Japanese banks paying a premium on repo funding from US money market funds.
In their working paper, Iñaki Aldasoro, Torsten Ehlers and Egemen Eren investigate the wide divergence between European and Japanese banks’ use of dollar funding since 2008. While European banks have tended to cut their dollar holdings – on average by 42% – Japanese banks have increased
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