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Are U.S. corporate bonds exposed to Europe?

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Author Info

  • Galina Hale
  • Elliot Marks
  • Fernanda Nechio

Abstract

The European sovereign debt crisis has created tensions in the global corporate debt market. Investors increasingly hold international assets and companies issue bonds in many countries. Thus, shocks to the European corporate bond market are readily transmitted to the U.S. corporate bond market. However, the rate of transmission is less than one-to-one. Moreover, different segments of the U.S. market vary in the magnitude of their response to European shocks. In particular, higher-rated nonfinancial borrowers and lower-rated financial borrowers are less affected on average.

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File URL: http://www.frbsf.org/publications/economics/letter/2012/el2012-17.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of San Francisco in its journal FRBSF Economic Letter.

Volume (Year): (2012)
Issue (Month): jun4 ()
Pages:

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Handle: RePEc:fip:fedfel:y:2012:i:jun4:n:2012-17

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Keywords: Corporate bonds;

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Cited by:
  1. John C. Williams, 2012. "The outlook and monetary policy challenges," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue july23.
  2. repec:fip:fedfsp:y:2012:i:july23:n:2012-22 is not listed on IDEAS

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