Bonds Bonds beat bank debt, dollar king for borrowers a decade after crisis: BIS Updated : September 24, 2018 08:46 AM IST International credit, defined as bank loans and debt securities like bonds, has soared to 38 percent of the global economy in the first quarter of 2018, compared with 33 percent three years ago. That debt has become an important gauge of global liquidity, especially since the 2008 crisis paralysed cross-border lending activity, bringing the global economy to its knees. Dollar lending to non-bank emerging markets have more than doubled to around $3.7 trillion since the 2008 crisis. A similar amount has been borrowed through currency swaps, according to the BIS. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.