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Joseluis Peydro - One of the best experts on this subject based on the ideXlab platform.
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the International bank lending channel of monetary policy rates and qe Credit supply reach for yield and real effects
Journal of Finance, 2017Co-Authors: Bernardo Morais, Joseluis Peydro, Jessica Roldanpena, Claudia RuizortegaAbstract: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).
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capital flows and the International Credit channel
EconStor Open Access Articles and Book Chapters, 2017Co-Authors: Yusuf Soner Baskaya, Julian Di Giovanni, Sebnem Kalemliozcan, Joseluis Peydro, Mehmet Fatih UluAbstract:We examine the role of the International Credit channel in Turkey over 2005–2013. We show that larger, more capitalized banks with higher non-core liabilities increase Credit supply when capital inflows are higher. This result is stronger for domestic banks relative to foreign banks and survives during the crisis period of post-2008, when foreign banks in general stop lending in emerging markets and retreat to their home countries. By decomposing capital inflows into bank and non-bank flows, we show the importance of domestic banks' external borrowing for domestic Credit growth.
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the International bank lending channel of monetary policy rates and qe Credit supply reach for yield and real effects
Social Science Research Network, 2015Co-Authors: Bernardo Morais, Joseluis Peydro, Claudia Ruiz OrtegaAbstract:We identify the International Credit channel of monetary policy by analyzing the universe of corporate loans in Mexico, matched with firm and bank balance-sheet data, and by exploiting foreign monetary policy shocks, given the large presence of European and U.S. banks in Mexico. We find that a softening of foreign monetary policy increases the supply of Credit of foreign banks to Mexican firms. Each regional policy shock affects supply via their respective banks (for example, U.K. monetary policy affects Credit supply in Mexico via U.K. banks), in turn implying strong real effects, with substantially larger elasticities from monetary rates than QE. Moreover, low foreign monetary policy rates and expansive QE increase disproportionally more the supply of Credit to borrowers with higher ex ante loan rates -- reach-for-yield -- and with substantially higher ex post loan defaults, thus suggesting an International risk-taking channel of monetary policy. All in all, the results suggest that foreign QE increases risk-taking in emerging markets more than it improves the real outcomes of firms.
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the International bank lending channel of monetary policy rates and quantitative easing Credit supply reach for yield and real effects
Research Papers in Economics, 2015Co-Authors: Bernardo Morais, Joseluis Peydro, Claudia Ruiz OrtegaAbstract:This paper identifies the International Credit channel of monetary policy by analyzing the universe of corporate loans in Mexico, matched with firm and bank balance-sheet data, and by exploiting foreign monetary policy shocks, given the large presence of European and U.S. banks in Mexico. The paper finds that a softening of foreign monetary policy increases the supply of Credit of foreign banks to Mexican firms. Each regional policy shock affects supply via their respective banks (for example, U.K. monetary policy affects Credit supply in Mexico via U.K. banks), in turn implying strong real effects, with substantially larger elasticities from monetary rates than quantitative easing. Moreover, low foreign monetary policy rates and expansive quantitative easing increase disproportionally more the supply of Credit to borrowers with higher ex ante loan rates -- reach-for-yield -- and with substantially higher ex post loan defaults, thus suggesting an International risk-taking channel of monetary policy. All in all, the results suggest that foreign quantitative easing increases risk-taking in emerging markets more than it improves the real outcomes of firms.
Claudia Ruiz Ortega - One of the best experts on this subject based on the ideXlab platform.
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the International bank lending channel of monetary policy rates and qe Credit supply reach for yield and real effects
Social Science Research Network, 2015Co-Authors: Bernardo Morais, Joseluis Peydro, Claudia Ruiz OrtegaAbstract:We identify the International Credit channel of monetary policy by analyzing the universe of corporate loans in Mexico, matched with firm and bank balance-sheet data, and by exploiting foreign monetary policy shocks, given the large presence of European and U.S. banks in Mexico. We find that a softening of foreign monetary policy increases the supply of Credit of foreign banks to Mexican firms. Each regional policy shock affects supply via their respective banks (for example, U.K. monetary policy affects Credit supply in Mexico via U.K. banks), in turn implying strong real effects, with substantially larger elasticities from monetary rates than QE. Moreover, low foreign monetary policy rates and expansive QE increase disproportionally more the supply of Credit to borrowers with higher ex ante loan rates -- reach-for-yield -- and with substantially higher ex post loan defaults, thus suggesting an International risk-taking channel of monetary policy. All in all, the results suggest that foreign QE increases risk-taking in emerging markets more than it improves the real outcomes of firms.
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the International bank lending channel of monetary policy rates and quantitative easing Credit supply reach for yield and real effects
Research Papers in Economics, 2015Co-Authors: Bernardo Morais, Joseluis Peydro, Claudia Ruiz OrtegaAbstract:This paper identifies the International Credit channel of monetary policy by analyzing the universe of corporate loans in Mexico, matched with firm and bank balance-sheet data, and by exploiting foreign monetary policy shocks, given the large presence of European and U.S. banks in Mexico. The paper finds that a softening of foreign monetary policy increases the supply of Credit of foreign banks to Mexican firms. Each regional policy shock affects supply via their respective banks (for example, U.K. monetary policy affects Credit supply in Mexico via U.K. banks), in turn implying strong real effects, with substantially larger elasticities from monetary rates than quantitative easing. Moreover, low foreign monetary policy rates and expansive quantitative easing increase disproportionally more the supply of Credit to borrowers with higher ex ante loan rates -- reach-for-yield -- and with substantially higher ex post loan defaults, thus suggesting an International risk-taking channel of monetary policy. All in all, the results suggest that foreign quantitative easing increases risk-taking in emerging markets more than it improves the real outcomes of firms.
Shu Lin - One of the best experts on this subject based on the ideXlab platform.
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the International Credit channel of u s monetary policy transmission to developing countries evidence from trade data
Journal of Development Economics, 2018Co-Authors: Shu LinAbstract:Abstract In a large sector-level bilateral trade dataset, we find robust evidence supporting a broad International Credit channel of U.S. monetary policy transmission to developing countries. We show that U.S. monetary policy has a significant effect on the sectoral composition of developing countries' exports. Financially more vulnerable sectors have a significantly more negative exposure of their trade to a tight U.S. monetary policy, especially in financially less developed exporting countries or during significant U.S. tightening periods. Moreover, we identify both a monetary policy dependence mechanism and a financial dollarization mechanism through which U.S. monetary policy can influence the sectoral composition of developing countries' exports.
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the International transmission of u s monetary policy new evidence from trade data
Research Papers in Economics, 2015Co-Authors: Shu LinAbstract:We make the first attempt in the literature to empirically examine the spillover effects of U.S. monetary policy on trade in other countries. In a large sector-level bilateral trade dataset of 137 countries for the years 1970-2000, we find strong and robust evidence supporting an International Credit channel of U.S. monetary policy transmission. We show that: 1) financially more constrained sectors have a more negative exposure of their trade to a tight U.S. monetary policy; 2) this International Credit channel works mainly during significant U.S. monetary tightening periods (e.g., a large increase in interest rates); 3) the negative impact of a tight U.S. policy is significantly stronger in financially less developed countries or countries with no monetary autonomy.
Bernardo Morais - One of the best experts on this subject based on the ideXlab platform.
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the International bank lending channel of monetary policy rates and qe Credit supply reach for yield and real effects
Journal of Finance, 2017Co-Authors: Bernardo Morais, Joseluis Peydro, Jessica Roldanpena, Claudia RuizortegaAbstract: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).
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the International bank lending channel of monetary policy rates and qe Credit supply reach for yield and real effects
Social Science Research Network, 2015Co-Authors: Bernardo Morais, Joseluis Peydro, Claudia Ruiz OrtegaAbstract:We identify the International Credit channel of monetary policy by analyzing the universe of corporate loans in Mexico, matched with firm and bank balance-sheet data, and by exploiting foreign monetary policy shocks, given the large presence of European and U.S. banks in Mexico. We find that a softening of foreign monetary policy increases the supply of Credit of foreign banks to Mexican firms. Each regional policy shock affects supply via their respective banks (for example, U.K. monetary policy affects Credit supply in Mexico via U.K. banks), in turn implying strong real effects, with substantially larger elasticities from monetary rates than QE. Moreover, low foreign monetary policy rates and expansive QE increase disproportionally more the supply of Credit to borrowers with higher ex ante loan rates -- reach-for-yield -- and with substantially higher ex post loan defaults, thus suggesting an International risk-taking channel of monetary policy. All in all, the results suggest that foreign QE increases risk-taking in emerging markets more than it improves the real outcomes of firms.
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the International bank lending channel of monetary policy rates and quantitative easing Credit supply reach for yield and real effects
Research Papers in Economics, 2015Co-Authors: Bernardo Morais, Joseluis Peydro, Claudia Ruiz OrtegaAbstract:This paper identifies the International Credit channel of monetary policy by analyzing the universe of corporate loans in Mexico, matched with firm and bank balance-sheet data, and by exploiting foreign monetary policy shocks, given the large presence of European and U.S. banks in Mexico. The paper finds that a softening of foreign monetary policy increases the supply of Credit of foreign banks to Mexican firms. Each regional policy shock affects supply via their respective banks (for example, U.K. monetary policy affects Credit supply in Mexico via U.K. banks), in turn implying strong real effects, with substantially larger elasticities from monetary rates than quantitative easing. Moreover, low foreign monetary policy rates and expansive quantitative easing increase disproportionally more the supply of Credit to borrowers with higher ex ante loan rates -- reach-for-yield -- and with substantially higher ex post loan defaults, thus suggesting an International risk-taking channel of monetary policy. All in all, the results suggest that foreign quantitative easing increases risk-taking in emerging markets more than it improves the real outcomes of firms.
Benjamin Geva - One of the best experts on this subject based on the ideXlab platform.
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the wireless wire do m payments and uncitral model law on International Credit transfers match raw
Social Science Research Network, 2014Co-Authors: Benjamin GevaAbstract:In recent years mobile devices have been increasingly used for the transmission of data, including the initiation and receipt of payments. Payments executed include "International remittance transfers" ("IRTs"), which are cross-border, person-to-person payments of a relatively low value. An IRT is likely to involve a "settlement chain" consisting of a series of separate payments. This paper examines the suitability of the UNCITRAL Model Law on International Credit Transfers 1992 ("MLICT") to cover IRTs initiated and/or completed by mobile devices. The MLICT is a comprehensive statute covering rights and obligations incurred in the course of an International Credit transfer.The paper concludes with the observation that low-value Credit transfers were envisaged as covered by the MLICT and yet were not central in the work leading to the model law. Overall, the ML/CT is appropriate to cover IRTs. Only a few adjustments to the model law should be considered. Consumer-protection aspects, primarily regarding disclosures, should be added; consumers' liability for unauthorized transfers should be rethought and redrafted.