A strong dollar has been associated with lower lending to emerging markets and tighter global financial conditions. This paper documents similar patterns for credit in the U.S. economy: when the U.S. broad dollar index appreciates by 1 percent, U.S. banks’ corporate loan originations fall by 4.5 percent, with banks tightening credit standards and lending to safer borrowers. This negative correlation, which we term the U.S. dollar credit channel, is at least in part driven by institutional investors, who reduce their demand for risky loans on the secondary loan market when the dollar appreciates. As it becomes harder to sell loans to these investors, banks lend less.

强势美元与新兴市场贷款减少和全球金融状况收紧有关。本文记录了美国经济中的类似信贷模式：当美元广泛指数升值 1% 时，美国银行的企业贷款发放量下降 4.5%，银行收紧信贷标准并向更安全的借款人放贷。这种负相关，我们称之为美元信贷渠道，至少部分是由机构投资者推动的，当美元升值时，他们减少了二级贷款市场对风险贷款的需求。随着向这些投资者出售贷款变得越来越困难，银行的放贷量减少了。