Abuka, CharlesAlinda, Ronnie K.Minoiu, CameliaPeydró, José-LuisPresbitero, Andrea F.Universitat Pompeu Fabra. Departament d'Economia i Empresa2020-05-252020-05-252018-11-01Journal of Development Economics, 139, 185-202, june 2019http://hdl.handle.net/10230/44735Recent 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 Ugandaâ 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 supplyâ increasing loan application rejections and tightening loan volume and ratesâ especially for banks with more leverage and sovereign debt exposure. There are associated spillovers on inflation and economic activityâ including construction permits and tradeâ and even social unrest.application/pdfengL'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative CommonsMonetary policy and bank lending in developing countries: loan applications, rates, and real effects<resourceType xmlns="http://datacite.org/schema/kernel-3" resourceTypeGeneral="Other">info:eu-repo/semantics/workingPaper</resourceType><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">bank lending channel of monetary policy; bank credit; real effects; credit register; developing countries</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">Finance and Accounting</subject><rights xmlns="http://datacite.org/schema/kernel-3">info:eu-repo/semantics/openAccess</rights>