Global dollar credit: links to US monetary policy and leverage

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Global liquidity and cross-border bank flows (2017, background): “These results are in line with many existing findings on US factors of global financial conditions (e.g., McGuire and Tarashev, 2008; Avdjiev et al., 2012; Forbes and Warnock, 2012; Rey, 2013; Turner 2014; Bruno and Shin, 2015a,b; Cerutti, 2015; McCauley et al., 2015; Burger et al., 2015).”
U.S. monetary policy and emerging market credit cycles (2017, unknown): “In addition, McCauley, McGuire, and Sushko (2015) use aggregate data to study the effect of U.S. monetary policy on global dollar credit.”
The shifting drivers of global liquidity (2020, unknown): “McCauley et al. (2015) find that unconventional monetary policy contributed to shifting the balance of dollar credit transmission from global banks to global bond investors, demonstrating a negative relationship between the term premium on 10-year Treasury bonds and international bond issuance…”