主讲人：Eric van Wincoop，University of Virginia

题目：Dollar Funding Fragility and non-US Global Banks

主持人：余昌华、薛思帆

时间：2025年4月21日（周一）上午10:30-12:00

地点：132教室

摘要：

Global non-US banks have significant dollar exposure both on and off their balance sheet. We develop a model to analyze their adjustment to dollar funding shocks, whether from reduced direct lending or external dollar shortages. The model provides insight into banks’ responses through borrowing, lending, and FX swap positions, as well as the impact on their net worth, their probability of default and CIP deviations. We also show that severe dollar funding shocks may lead to a bank run. Implications of the model are confronted to data on the response of non-US global banks to major dollar funding shocks

主讲人介绍：

Eric van Wincoop is the Robert P. Black Professor of Economics at the University of Virginia and Research Associate at the National Bureau of Economic Research. He joined the University of Virginia in 2001, following appointments at Boston University (1989-1996) and the Federal Reserve Bank of New York (1996-2001). He was co-editor at the Journal of International Economics from 2004 to 2013. He received his Ph.D. from Harvard University in 1989. His research is in the area of international macroeconomics on a wide range of topics such as international capital flows, the determination of exchange rates, international risk sharing and international transmission of business cycles.