Academic Evidence Map

The report documents the dollar's central role in cross-border bank lending, international debt securities, reserves and trade invoicing, and explains how dollar funding networks can transmit and amplify shocks.

Treating dollar funding conditions as an important layer of global macro-financial analysis and explaining why dollar stress can propagate across borders.

A claim that every global asset move is caused by the dollar, or that any particular USD Impact composite score, sign, weight or threshold is validated by the BIS.

The paper finds that the dollar exchange rate can dominate bilateral exchange rates in price pass-through and trade-elasticity regressions when trade is invoiced in dollars.

Teaching the dollar as an international pricing and transmission variable rather than treating FX only as bilateral competitiveness.

A fixed universal pass-through coefficient, a claim that all trade is dollar invoiced, or any USD Impact Score formula or predictive result.

The Federal Reserve publishes a broad dollar index constructed as a weighted average against currencies of a broad group of major U.S. trading partners, with separate advanced- and emerging-economy indexes.

Using an official broad-dollar measure as a breadth/confirmation check rather than assuming one narrower index exhausts the concept of dollar strength.

A claim that the Federal Reserve endorses DXY, the USD Impact Three-Dials interpretation, or USD Impact Score v2.

The paper reports that a stronger dollar is associated with weaker dollar-denominated cross-border bank flows and lower real investment in emerging market economies, consistent with a financial channel of exchange rates.

Teaching that dollar moves can interact with balance sheets, bank credit and global financial conditions.

A universal causal effect across all countries and assets, or a direct mapping from a DXY change to a guaranteed market outcome.

The research documents common global movements in capital flows, credit and risky asset prices, links the cycle to VIX/risk conditions, and reports international spillovers from U.S. monetary-policy shocks.

Monitoring volatility, credit and funding conditions together when describing broad stress or easing.

Treating VIX as a complete liquidity measure, assuming one indicator identifies the global financial cycle in real time, or assigning a guaranteed dollar direction.

Recent asset-pricing work models a meaningful role for 10-year real Treasury rates in gold valuation, while broader historical research cautions that simple stories such as a reliable short-horizon inflation hedge do not hold consistently.

Including real-rate conditions when explaining gold while retaining regime, valuation and demand caveats.

A permanent one-for-one inverse gold/real-yield rule, a fixed negative Score sign as an empirically estimated coefficient, or a forecast of gold returns.

The paper finds that easier U.S. monetary conditions can affect oil prices but argues that sustained historical oil-price increases in the studied episode were better explained by strong emerging-market growth and oil-production shortfalls.

USD Impact's rule that oil must not be read as a dollar trade only and that supply/demand and geopolitical shocks must remain explicit.

A stable inverse DXY-oil law, a fixed causal share for the dollar, or the production Score's negative WTI sign as an estimated structural relationship.

The report highlights liquidity shortages, foreign-currency funding mismatches, rollover risk and the role of cross-border/internal capital markets and central-bank liquidity facilities during stress.

Treating funding-market conditions as a distinct part of stress analysis and explaining why dollar liquidity can matter beyond spot FX moves.

Treating SOFR-minus-IORB, repo, swap lines, or any single spread as a complete standalone liquidity index.