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BIS Working Papers No 592. The dollar, bank leverage and the deviation from covered interest parity by Stefan Avdjiev, Wenxin Du, Catherine Koch and Hyun Song Shin Monetary and Economic Department Revised July 2017. JEL classification: F3, G1, G2. Keywords: exchange rates, bank leverage, cross- currency basis BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The Papers are on subjects of topical interest and are technical in character. The views expressed in them are those of their authors and not necessarily the views of the BIS. This publication is available on the BIS website ( ). Bank for International Settlements 2017.

BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by

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