| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23149 |
| 来源ID | Working Paper 23149 |
| International Spillovers and Local Credit Cycles | |
| Julian di Giovanni; Sebnem Kalemli-Ozcan; Mehmet Fatih Ulu; Yusuf Soner Baskaya | |
| 发表日期 | 2017-02-13 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | This paper studies the transmission of the Global Financial Cycle (GFC) to domestic credit market conditions in a large emerging market, Turkey, over the years 2003-13. Matching administrative data covering the universe of corporate loan transactions to bank balance sheets, we document four facts: (1) an easing in global financial conditions leads to lower borrowing costs and an increase in local lending; (2) domestic banks that are more exposed to international capital markets transmit the GFC locally; (3) the fall in borrowing costs is driven by a failure in uncovered interest rate parity (UIP), where the UIP risk premium comoves with the GFC over time; (4) data on posted collateral for new loan issuances show that collateral constraints do not relax during the boom phase of the GFC. |
| 主题 | Macroeconomics ; International Economics ; International Factor Mobility ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w23149 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580823 |
| 推荐引用方式 GB/T 7714 | Julian di Giovanni,Sebnem Kalemli-Ozcan,Mehmet Fatih Ulu,et al. International Spillovers and Local Credit Cycles. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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