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International Bank Lending Channel of Monetary Policy
by Silvia Albrizio, Sangyup Choi, Davide Furceri, and Chansik Yoon

Series:Working Paper No. 19/234
ISBN 9781513518770
Code: #WPIEA2019234

Publication year: 2019

Cdn: $27.00; US: $25.00
Paperback
Language: English
61 pages
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How does domestic monetary policy in systemic countries spillover to the rest of the world? This paper examines the transmission channel of domestic monetary policy in the cross-border context. We use exogenous shocks to monetary policy in systemically important economies, including the U.S., and local projections to estimate the dynamic effect of monetary policy shocks on bilateral cross-border bank lending. We find robust evidence that an increase in funding costs following an exogenous monetary tightening leads to a statistically and economically significant decline in cross-border bank lending. The effect is weakened during periods of high uncertainty. In contrast, the effect is found to not vary according to the degree of borrower country riskiness, further weakening support for the international portfolio rebalancing channel.
International Bank Lending Channel of Monetary Policy
Cdn: $27.00; US: $25.00
International Monetary Fund (IMF) BookID: 126232 Added: 2019.11.1