全球智库信息集成服务系统(G2TT): DP10230 Monetary Policy and Bank Lending Rates in Low-Income Countries: Heterogeneous Panel Estimates

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP10230
	DP10230 Monetary Policy and Bank Lending Rates in Low-Income Countries: Heterogeneous Panel Estimates
	Peter J Montiel; Antonio Spilimbergo; Prachi Mishra
发表日期	2014-11-02
出版年	2014
语种	英语
摘要	This paper studies the transmission of monetary shocks to lending rates in a large sample of advanced, emerging, and low-income countries. Transmission is measured by the impulse response of bank lending rates to monetary policy shocks. Long-run restrictions are used to identify such shocks. Using a heterogeneous structural panel VAR approach, we find that there is wide variation in the response of bank lending rates to a monetary policy innovation across countries. Monetary policy shocks are more likely to affect bank lending rates in the theoretically expected direction in countries that have better institutional frameworks, more developed financial structures, and less concentrated banking systems. Low-income countries score poorly along all of these dimensions, and we find that such countries indeed exhibit much weaker transmission of monetary policy shocks to bank lending rates than do advanced and emerging economies
主题	Financial Economics ; International Macroeconomics ; International Trade and Regional Economics
关键词	monetary policy Bank lending Structural panel var
URL	https://cepr.org/publications/dp10230
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/539063
推荐引用方式 GB/T 7714	Peter J Montiel,Antonio Spilimbergo,Prachi Mishra. DP10230 Monetary Policy and Bank Lending Rates in Low-Income Countries: Heterogeneous Panel Estimates. 2014.