FX swaps and forwards: missing global debt?
In other words, two companies can swap their debt amounts, paying the interest in dollars other than their own. 6 Non-banks in the United States had $866 billion in foreign currency debt in 2021 (US Treasury et al (2022)). About 5% of the $3.4 trillion in US imports were foreign currency-invoiced (Boz (2020)). Compared with $26 […]
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