Details

Autor(en) / Beteiligte

• Morais, Bernardo
• Peydró, José-Luis
• Roldán Peña, Jessica
• Ruiz Ortega, Claudia

Titel

The International Bank Lending Channel of Monetary Policy Rates and QE: Credit Supply, Reach-for-Yield, and Real Effects

Ist Teil von

• The Journal of finance (New York), 2019-02, Vol.74 (1), p.55-90

Ort / Verlag

Hoboken: Wiley

Erscheinungsjahr

2019

Quelle

PAIS Index

Beschreibungen/Notizen

• We identify the international credit channel by exploiting Mexican supervisory data sets and foreign monetary policy shocks in a country with a large presence of European and U.S. banks. A softening of foreign monetary policy expands credit supply of foreign banks (e.g., U.K. policy affects credit supply in Mexico via U.K. banks), inducing strong firm-level real effects. Results support an international risk-taking channel and spill overs of core countries’ monetary policies to emerging markets, both in the foreign monetary softening part (with higher credit and liquidity risk-taking by foreign banks) and in the tightening part (with negative local firm-level real effects).