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dc.contributor.author | Fendoğlu, Salih |
dc.contributor.author | Gülsen, Eda |
dc.contributor.author | Peydró, José-Luis |
dc.date.accessioned | 2020-03-03T16:05:24Z |
dc.date.available | 2020-03-03T16:05:24Z |
dc.date.issued | 2019-11 |
dc.identifier.uri | http://hdl.handle.net/10230/43776 |
dc.description.abstract | We show that global liquidity limits the effectiveness of local monetary policy on credit markets. The mechanism is via a bank carry trade in international markets when local monetary policy tightens. For identification, we exploit global (VIX, U.S. monetary policy) shocks and loan-level data —the credit and international interbank registers— from a large emerging market, Turkey. Softer global liquidity conditions attenuate the pass-through of local monetary policy tightening on loan rates, especially for banks with more access to international wholesale markets. Effects are also important for other credit margins and for risk-taking, e.g. riskier borrowers in FX loans or defaults. |
dc.format.mimetype | application/pdf |
dc.language.iso | eng |
dc.subject.other | Global financial cycle |
dc.subject.other | Monetary policy |
dc.subject.other | Emerging markets |
dc.subject.other | Banks |
dc.subject.other | Carry trade |
dc.title | Global liquidity and impairment of local monetary policy |
dc.type | info:eu-repo/semantics/workingPaper |
dc.rights.accessRights | info:eu-repo/semantics/openAccess |