Asian countries have high demand for US dollars and are sensitive to US dollar funding costs. An important, but often overlooked, component of these costs is the basis spread in the cross-currency swap market that emerges when there are deviations from covered interest parity (CIP). CIP deviations mean that investors need to pay a premium to borrow US dollars or other currencies on a hedged basis via the cross-currency swap markets. These deviations can be explained by regulatory changes since the GFC, which have limited arbitrage opportunities and country-specific factors that contribute to a mismatch in the demand and supply of US dollars. We find that an increase in the basis spread tightens financial conditions in net debtor countries, while eases financial conditions in net creditor countries. The main reason is that net debtor countries are, in general, unable to substitute smoothly to other domestic funding channels. Policies that promote reliable alternative funding sources, such as long-term corporate bond market, or stable long-term investors, including a “hedging counterpart of last resort,” can help stabilize financial intermediation when US dollar funding markets come under stress.

亚洲国家对美元的需求很高，并且对美元融资成本敏感。这些成本的一个重要但经常被忽略的组成部分是跨货币掉期市场中的基础价差，这种差异是在与担保权益平价（CIP）背离时出现的。CIP偏离意味着投资者需要支付溢价，才能通过跨货币掉期市场以对冲的方式借入美元或其他货币。自全球金融危机以来，监管机构的变化可以解释这些差异，套利机会有限，而且因国家而异的因素会导致美元的需求和供应不匹配。我们发现，基础利差的增加收紧了净债务国的财务状况，同时放宽了净债权国的财务状况。主要原因是净债务国是 一般而言，无法顺利替代其他国内资金渠道。提倡可靠的替代资金来源（例如，长期公司债券市场）或稳定的长期投资者（包括“对冲手段”）的政策可以在美元资金市场面临压力时帮助稳定金融中介。