【Macro Seminar】Dollar Funding and Housing Markets: The Role of Non-US Global Banks
2025/11/26
研討會日期 : 2025-11-26
時間 : 14:30
主講人 : Professor Mathias Hoffmann
地點 : Conference Room B110
主持人 : Professor Jhih-Chian Wu
演講者簡介 : Professor Mathias Hoffmann received his Ph.D. in Economics from the European University Institute in Florence. He is currently a Professor at the University of Zurich. His research interests are International Finance, International Macroeconomics, Monetary Policy, and Economic Growth.
演講摘要 : Non-US global banks are an important driver of the international synchronization of house price growth. A loosening (tightening) of US dollar funding conditions leads non-US global banks to expand (contract) their international lending, which is largely denominated in US dollars. This induces a synchronization of lending across borrowing countries, which translates into an international synchronization of house price growth. Borrowing country pairs whose joint exposure to US dollar funding conditions via their non-US creditor banks (dollar co-dependence) is higher, exhibit a higher synchronization of house price growth. Our results identify a novel international spillover channel of US dollar funding conditions, which is not related to common-lender exposures. We show theoretically and empirically that the exposure of non-US global banks to dollar funding conditions is captured by the bilateral treasury basis between the currency of the non-US global creditor banks' headquarters and the US dollar. As these conditions vary over time, borrowing country pairs whose non-US global creditor banks are more exposed to US dollar funding variations exhibit higher house price synchronization.
