G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15273
DP15273 Global Liquidity and Impairment of Local Monetary Policy
José-Luis Peydró; Salih Fendoglu; Eda Gulsen
发表日期2020-09-10
出版年2020
语种英语
摘要We show that global liquidity limits the effectiveness of local monetary policy on credit markets. The mechanism is via a bank carry trade in international markets when local monetary policy tightens. For identification, we exploit global (VIX, U.S. monetary policy) shocks and loan-level data —the credit and international interbank registers— from a large emerging market, Turkey. Softer global liquidity conditions attenuate the pass-through of local monetary policy tightening on loan rates, especially for banks with more access to international wholesale markets. Effects are also important for other credit margins and for risk-taking, e.g. riskier borrowers in FX loans or defaults.
主题International Macroeconomics and Finance
关键词Global financial cycle monetary policy Emerging markets Banks Carry trade
URLhttps://cepr.org/publications/dp15273
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/544248
推荐引用方式
GB/T 7714
José-Luis Peydró,Salih Fendoglu,Eda Gulsen. DP15273 Global Liquidity and Impairment of Local Monetary Policy. 2020.
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