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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP15273 |
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 |
URL | https://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. |
条目包含的文件 | 条目无相关文件。 |
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