We analyze a large number of industry-and company-level filings of global institutional
investors to provide the first comprehensive estimate of foreign investors' US dollar (USD) …

The era of dollar-based financial globalisation has seen a steady rise in the use of foreign
exchange (FX) swaps. We provide a macrofinancial political economy perspective on the …

This paper investigates the impact of central bank swap lines during the 2020 pandemic
using micro-level data. Institutions relying on these swap lines tend to be better capitalized …

Within-firm variation of corporate bond spreads around the Covid-19 outbreak shows that
US dollar-denominated bonds experienced larger increases in spreads relative to non …

In March 2020, the economic disruptions associated with the COVID-19 pandemic prompted
a global dash for cash by investors. This selling pressure occurred across advanced …

This paper investigates the influence of global equity market value shocks on institutional
investors'(IIs') hedging behavior and the resultant effects on exchange rates. Employing …

Interest rate swaps are a popular hedging tool among pension funds. While using swaps
can reduce the interest rate risk of pension funds, we argue that it also introduces liquidity …

This paper studies a form of liquidity risk that we call 'Liquidity After Solvency Hedging'or
“LASH” risk. Financial institutions take LASH risk when they hedge against solvency risk …

Using the 2020 financial turmoil during the COVID-19 pandemic as a laboratory, we
examine contagion, safe-haven, and diversification effects across stocks, gold, and oil. We …

During the March 2020 market turmoil, euro area money-market funds (MMFs) experienced
significant outflows, reaching almost 8% of assets under management. This paper …