这个问题我们在卧虎藏龙课程里面深入讨论过。我们一直坚持 美元-核心-外围 的全球金融资金流动体系。这里面的机制是非常复杂的，主要是通过全球的跨国银行体系调整资产负债表来完成，当然，现在直接融资市场扮演的角色也越来越大了。BIS的一个杰出研究，证实了美国货币政策与印度非金融企业融资条件的关联性。这篇文章值得认真学习。

Summary

Focus

Over the past decade, non-financial firms in emerging market economies (EMEs) have rapidly built up dollar debt. This makes them vulnerable to changes in US monetary policy. If a local currency weakens against the dollar, the domestic economy may shrink rather than expand if such firms have a large stock of unhedged dollar debt. Our paper examines the evidence for this hypothesis based on Indian firm-level and macro-level data.

Contribution

We ask whether financial effects arising from the exchange rate affect the international transmission of monetary policy, and how this “financial channel” might operate through the amount of credit in the economy. Using micro-level data, we find that the exchange