| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25185 |
| 来源ID | Working Paper 25185 |
| U.S. Monetary Policy and Emerging Market Credit Cycles | |
| Falk Bräuning; Victoria Ivashina | |
| 发表日期 | 2018-10-22 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Foreign banks’ lending to firms in emerging market economies (EMEs) is large and denominated predominantly in U.S. dollars. This creates a direct connection between U.S. monetary policy and EME credit cycles. We estimate that over a typical U.S. monetary easing cycle, EME borrowers experience a 32-percentage-point greater increase in the volume of loans issued by foreign banks than do borrowers from developed markets, followed by a fast credit contraction of a similar magnitude upon reversal of the U.S. monetary policy stance. This result is robust across different geographies and industries, and holds for U.S. and non-U.S. lenders, including those with little direct exposure to the U.S. economy. EME local lenders do not offset the foreign bank capital flows, and U.S. monetary policy affects credit conditions for EME firms, both at the extensive and intensive margin. Consistent with a risk-driven credit-supply adjustment, we show that the spillover is stronger for riskier EMEs, and, within countries, for higher-risk firms. |
| 主题 | Macroeconomics ; Monetary Policy ; International Economics ; International Finance ; International Macroeconomics ; Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w25185 |
| 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/582859 |
| 推荐引用方式 GB/T 7714 | Falk Bräuning,Victoria Ivashina. U.S. Monetary Policy and Emerging Market Credit Cycles. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25185.pdf（679KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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