Central Banks as Dollar Lenders of Last Resort: Implications for Regulation and Reserve Holdings
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This paper explores how non-U.S. central banks behave when firms in their economies engage in currency mismatch, borrowing more heavily in dollars than justified by their operating exposures. We begin by documenting that, in a panel of 53 countries, central bank holdings of dollar reserves are
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美国国家经济研究局创建时间：
2022-12-01
