Monetary policy and bank lending in developing countries: loan applications, rates, and real effects
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- dc.contributor.author Abuka, Charles
- dc.contributor.author Alinda, Ronnie K.
- dc.contributor.author Minoiu, Camelia
- dc.contributor.author Peydró, José-Luis
- dc.contributor.author Presbitero, Andrea F.
- dc.date.accessioned 2019-12-16T10:56:28Z
- dc.date.available 2019-12-16T10:56:28Z
- dc.date.issued 2019
- dc.description Includes supplementary data: online appending
- dc.description.abstract Recent studies of monetary policy in developing countries document a weak bank lending channel based on aggregate data. In this paper, we bring new evidence using Uganda's supervisory credit register, with microdata on loan applications, volumes and rates, coupled with unanticipated variation in monetary policy. We show that a monetary contraction reduces bank credit supply—increasing loan application rejections and tightening loan volume and rates—especially for banks with more leverage and sovereign debt exposure. There are associated spillovers on inflation and economic activity—including construction permits and trade—and even social unrest.
- dc.description.sponsorship José-Luis Peydró acknowledges financial support from project ECO2015-68182-P (MINECO/FEDER, UE) and the European Research Council Grant (project 648398).
- dc.format.mimetype application/pdf
- dc.identifier.citation Abuka C, Alinda RK, Minoiu C, Peydró JL, Presbitero AF. Monetary policy and bank lending in developing countries: loan applications, rates, and real effects. J Dev Econ. 2019 Jun;(139):185-202. DOI: 10.1016/j.jdeveco.2019.03.004
- dc.identifier.doi http://dx.doi.org/10.1016/j.jdeveco.2019.03.004
- dc.identifier.issn 0304-3878
- dc.identifier.uri http://hdl.handle.net/10230/43173
- dc.language.iso eng
- dc.publisher Elsevier
- dc.relation.ispartof Journal of Development Economics. 2019 Jun;(139):185-202
- dc.relation.projectID info:eu-repo/grantAgreement/ES/1PE/ECO2015-68182-P
- dc.relation.projectID info:eu-repo/grantAgreement/EC/H2020/648398
- dc.rights Under a Creative Commons license https://creativecommons.org/licenses/by-nc-nd/4.0/
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri https://creativecommons.org/licenses/by-nc-nd/4.0/
- dc.subject.keyword Bank lending channel of monetary policy
- dc.subject.keyword Bank credit
- dc.subject.keyword Real effects
- dc.subject.keyword Credit register
- dc.subject.keyword Developing countries
- dc.title Monetary policy and bank lending in developing countries: loan applications, rates, and real effects
- dc.type info:eu-repo/semantics/article
- dc.type.version info:eu-repo/semantics/publishedVersion