全球智库信息集成服务系统(G2TT): DP16510 Capital Controls, Domestic Macroprudential Policy and the Bank Lending Channel of Monetary Policy

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP16510
	DP16510 Capital Controls, Domestic Macroprudential Policy and the Bank Lending Channel of Monetary Policy
	José-Luis Peydró; Andrea Fabiani; Martha Lopéz Piñeros; Paul Soto
发表日期	2021-09-03
出版年	2021
语种	英语
摘要	We study how capital controls and domestic macroprudential policy tame credit supply booms, respectively targeting foreign and domestic bank debt. For identification, we exploit the simultaneous introduction of capital controls on foreign exchange (FX) debt inflows and an increase of reserve requirements on domestic bank deposits in Colombia during a strong credit boom, as well as credit registry and bank balance sheet data. Our results suggest that first, an increase in the local monetary policy rate, raising the interest rate spread with the United States, allows more FX-indebted banks to carry trade cheap FX funds with more expensive peso lending, especially toward riskier, opaque firms. Capital controls tax FX debt and break the carry trade. Second, the increase in reserve requirements on domestic deposits directly reduces credit supply, and more so for riskier, opaque firms, rather than enhances the transmission of monetary rates on credit supply. Importantly, different banks finance credit in the boom with either domestic or foreign (FX) financing. Hence, capital controls and domestic macroprudential policy complementarily mitigate the boom and the associated risk-taking through two distinct channels.
主题	Financial Economics ; Monetary Economics and Fluctuations
关键词	Capital controls Macroprudential and monetary policy Carry trade Credit supply Risk-taking
URL	https://cepr.org/publications/dp16510
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/545465
推荐引用方式 GB/T 7714	José-Luis Peydró,Andrea Fabiani,Martha Lopéz Piñeros,et al. DP16510 Capital Controls, Domestic Macroprudential Policy and the Bank Lending Channel of Monetary Policy. 2021.