全球智库信息集成服务系统(G2TT): DP14128 The Effect of U.S. Stress Tests on Monetary Policy Spillovers to Emerging Markets*

G2TT

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.