文章基本信息

标题：Outward portfolio investment and dollar funding in emerging Asia
本地全文：下载
作者：Patrick McGuire ; Ilhyock Shim ; Hyun Song Shin 等
期刊名称：BIS Quarterly Review: International Banking and Financial Market Developments = BIZ-Quartalsbericht: Internationales Bankgeschäft und internationale Finanzmärkte
印刷版ISSN：1012-9979
出版年度：2021
卷号：2021
语种：English
出版社：Bank for International Settlements
摘要：The growing heft of institutional investors and asset managers in several Asian economies has fuelled expansion in outward portfolio investment, mainly in US dollar-denominated assets. This investment is predominantly in long-term instruments but is hedged for currency risk mainly through short-term derivatives. The rollover risk in currency hedges exposes these non-bank investors to stress in dollar funding markets, as occurred in March 2020. Some Asian economies have since strengthened regulatory frameworks to address dollar funding-related vulnerabilities of resident institutional investors and asset managers.