International spillovers and local credit cycles
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- dc.contributor.author Baskaya, Yusuf Soner
- dc.contributor.author di Giovanni, Julian
- dc.contributor.author Kalemli-Özcan, Sebnem
- dc.contributor.author Ulu, Mehmet Fatih
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2024-11-14T10:09:58Z
- dc.date.available 2024-11-14T10:09:58Z
- dc.date.issued 2017-02-01
- dc.date.modified 2024-11-14T10:05:30Z
- dc.description.abstract This paper studies the transmission of the Global Financial Cycle (GFC) to domestic credit market conditions in a large emerging market, Turkey, over 2003-13. We use administrative data covering the universe of corporate credit transactions matched to bank balance sheets to document four facts: (1) an easing in global financial conditions leads to lower borrowing costs and an increase in local lending; (2) domestic banks more exposed to international capital markets transmit the GFC locally; (3) the fall in local currency borrowing costs is larger than foreign currency borrowing costs due to the comovement of the uncovered interest rate parity (UIP) premium 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.
- dc.format.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1559
- dc.identifier.citation forthcoming in Review of Economic Studies
- dc.identifier.uri http://hdl.handle.net/10230/33896
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1559
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword capital flows
- dc.subject.keyword vix
- dc.subject.keyword risk premium
- dc.subject.keyword bank credit
- dc.subject.keyword firm heterogeneity
- dc.subject.keyword Macroeconomics and International Economics
- dc.title International spillovers and local credit cycles
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper