The international bank lending channel of monetary policy rates and quantitative easing: credit supply, reach-for-yield, and real effects

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• dc.contributor.author Morais, Bernardo
• dc.contributor.author Peydró, José-Luis
• dc.contributor.author Roldán-Peña, Jessica
• dc.contributor.author Ruiz-Ortega, Claudia
• dc.date.accessioned 2019-04-10T07:58:17Z
• dc.date.issued 2018
• dc.description.abstract 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 spillovers 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).
• dc.description.sponsorship Peydró acknowledges financial support from the Spanish Ministry of Economics and Competitiveness through both Feder EU (project ECO2015-68182-P) and the Severo Ochoa Programme for Centres of Excellence in R&D (SEV-2015-0563), and also the European Research Council Grant (project 648398).
• dc.format.mimetype application/pdf
• dc.identifier.citation Morais B, Peydró JL, Roldán-Peña J, Ruiz-Ortega C. The international bank lending channel of monetary policy rates and quantitative easing: credit supply, reach-for-yield, and real effects. J Finance. 2019;74(1):55-90. DOI: 10.1111/jofi.12735
• dc.identifier.doi http://dx.doi.org/10.1111/jofi.12735
• dc.identifier.issn 0022-1082
• dc.identifier.uri http://hdl.handle.net/10230/37072
• dc.language.iso eng
• dc.publisher Wiley
• dc.relation.ispartof The Journal of Finance. 2019;74(1):55-90.
• dc.relation.projectID info:eu-repo/grantAgreement/EC/H2020/648398
• dc.relation.projectID info:eu-repo/grantAgreement/ES/1PE/ECO2015-68182-P
• dc.relation.projectID info:eu-repo/grantAgreement/ES/1PE/SEV-2015-0563
• dc.rights This is the peer reviewed version of the following article: Morais B, Peydró J-L, Roldán-Peña J, Ruiz-Ortega C. The international bank lending channel of monetary policy rates and quantitative easing: credit supply, reach-for-yield, and real effects. J Finance. 2019;74(1):55-90., which has been published in final form at http://dx.doi.org/10.1111/jofi.12735. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions.
• dc.rights.accessRights info:eu-repo/semantics/openAccess
• dc.title The international bank lending channel of monetary policy rates and quantitative easing: credit supply, reach-for-yield, and real effects
• dc.type info:eu-repo/semantics/article
• dc.type.version info:eu-repo/semantics/acceptedVersion