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Mr. Adolfo Barajas, Andrea Deghi, Mr. Salih Fendoglu, and Yizhi Xu
This note analyzes recent trends in offshore US dollar funding markets and explores the drivers of dollar funding costs during the COVID-19 pandemic crisis. Preliminary evidence suggests that only part of the sharp increase in observed dollar funding costs can be attributed to the standard supply- and demand-side factors analyzed in the October 2019 Global Financial Stability Report (GFSR), including the dollar funding fragility of non-US global banks. Changes in market structure since the global financial crisis, as well as heightened uncertainty and tensions in the commercial paper market, may provide further explanations for the movements in dollar funding costs in late March 2020. The US Federal Reserve’s swap line arrangements have helped lessen strains in dollar funding markets, but funding pressure remains significant for some emerging market economies, notably those with-out access to the swap lines. Furthermore, tighter dollar funding conditions appear to have accompanied increases in financial stress in the home economies of affected non-US global banks and to have generated adverse spill-over effects in the form of cutbacks in cross-border lending.
Mr. Adolfo Barajas, Andrea Deghi, Mr. Salih Fendoglu, and Yizhi Xu

between the average value during March 11–18, 2020, and the last week in December 2019 against the latest observation for the CCFR constructed for an extended sample of currency areas. The CCFR for the euro area is computed as the simple average of euro area countries with available CCFR data. The slope of the fitted line is statistically signficant at the 10 percent level ( p -vaue=0.06). Non-US banks’ US dollar balance sheet aggregates are constructed using cross-border positions plus nondomestic branches’ positions. The figure uses International Organization for

International Monetary Fund

. Indicators of Financial Intermediation (end-2000) 3. Sherbank and VBT (end-March 2001, Rub bn) 4. Lending to Non-banks (percent of total) 5. Interest Rates on Household Deposits in Ql, 2001 6. Deposits in the Banking System 7. Micro-Prudential Indicators for sample of Russian banks 8. Key Balance Sheet Aggregates of Sample of Russian Banks Used for Stress Test 9. Preliminary Results of Stress Test Text Boxes 1. Russian Accounting Standards (RAS) and International Accounting Standards (IAS) 2. Banking Supervision Appendix I. Technical Notes on

International Monetary Fund. External Relations Dept.

regulation of international banking. Prudential and regulatory constraints apply both to balance sheet aggregates (such as capital-asset ratios and the relative maturity structure of assets and liabilities) and to exposure to particular countries. Chart 2 Non-oil developing countries: financing through international capital markets, 1971-80 1/ Totals for first half of 1980 are at annual rate. Chart 3 Terms on lending through international capital markets, 1973-80 1/ Medium-term publicized international bank credit commitments. At the broad level the