G2TT
来源类型Discussion paper
规范类型论文
来源IDDP14128
DP14128 The Effect of U.S. Stress Tests on Monetary Policy Spillovers to Emerging Markets*
Friederike Niepmann; Tim Schmidt-Eisenlohr; Emily Liu
发表日期2019-11-17
出版年2019
语种英语
摘要This paper shows that monetary policy and prudential policies interact. U.S. banks issue more commercial and industrial loans to emerging market borrowers when U.S. monetary policy eases. The effect is less pronounced for banks that are more constrained through the U.S. bank stress tests, reflected in a lower minimum capital ratio in the severely adverse scenario. This suggests that monetary policy spillovers depend on banks’ capital constraints. In particular, during a period of quantitative easing when liquidity is abundant, banks are more flexible, and the scope for adjusting lending is larger when they have a bigger capital buffer. We conjecture that bank lending to emerging markets during the zero-lower bound period would have been even higher had the United States not introduced stress tests for their banks.
主题International Macroeconomics and Finance
关键词U.s. bank lending Stress tests Emerging markets Monetary policy spillovers
URLhttps://cepr.org/publications/dp14128
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/543017
推荐引用方式
GB/T 7714
Friederike Niepmann,Tim Schmidt-Eisenlohr,Emily Liu. DP14128 The Effect of U.S. Stress Tests on Monetary Policy Spillovers to Emerging Markets*. 2019.
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