| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11839 |
| DP11839 International Spillovers and Local Credit Cycles | |
| Julian di Giovanni; Sebnem Kalemli-Ozcan; Mehmet Fatih Ulu; Yusuf Soner Baskaya | |
| 发表日期 | 2017-02-07 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | This paper studies the transmission of the Global Financial Cycle (GFC) to domestic credit market conditions in a large emerging market, Turkey, over 2003-13. We use administrative data covering the universe of corporate credit transactions matched to bank balance sheets to document four facts: (1) an easing in global financial conditions leads to lower borrowing costs and an increase in local lending; (2) domestic banks more exposed to international capital markets transmit the GFC locally; (3) the fall in local currency borrowing costs is larger than foreign currency borrowing costs due to the comovement of the uncovered interest rate parity (UIP) premium with the GFC over time; (4) data on posted collateral for new loan issuances show that collateral constraints do not relax during the boom phase of the GFC. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Global financial cycle Bank credit Non-core funding risk premium Collateral constraints |
| URL | https://cepr.org/publications/dp11839-2 |
| 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/540652 |
| 推荐引用方式 GB/T 7714 | Julian di Giovanni,Sebnem Kalemli-Ozcan,Mehmet Fatih Ulu,et al. DP11839 International Spillovers and Local Credit Cycles. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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