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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP14128 |
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 |
URL | https://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. |
条目包含的文件 | 条目无相关文件。 |
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