| Nº Sistema |
000468723 |
| Autor |
 Albrizio, Silvia |
|
Chi, Sangyup |
|
Furceri, Davide |
|
Yoon, Chansik |
| Título |
International bank lending channel of monetary policy [Recurso electrónico] / Silvia Albrizio, Sangyup Choi, Davide Furceri, Chansik Yoon. |
| Publicado en |
Journal of International Money and Finance [Artículos], v. 102, April 2020, 102124 |
| Nota general |
Artículo de revista |
| Resumen |
How does domestic monetary policy in systemic countries spillover to the rest of the world? This paper examines the transmission channel of domestic monetary policy in the cross-border context. We use exogenous shocks to monetary policy in systemically important economies, including the U.S., and local projections to estimate the dynamic effect of monetary policy shocks on bilateral cross-border bank lending. We find robust evidence that an increase in funding costs following an exogenous monetary tightening leads to a statistically and economically significant decline in cross-border bank lending. The effect is weakened during periods of high uncertainty. In contrast, the effect is found to not vary according to the degree of borrower country riskiness, further weakening support for the international portfolio rebalancing channel. (C) 2019 Elsevier Ltd. All rights reserved. [Resumen de la editorial] [eng] |
| ISSN |
0261-5606 |
| Restricciones |
Acceso electrónico RESTRINGIDO por IP a los usuarios de la Biblioteca del Banco de España |
| Acceso electrónico |
 Acceso al texto completo. |
| Relacionado con |
Documentos de trabajo / Banco de España; 1938 |
| Clasificación |
E2-Teoría monetaría. |
|
E3-Política monetaria. |
|
F2-Finanzas internacionales. |
|
F21-Blanqueo de capitales. |
|
F-Economía internacional. |
