Lin, Shu; Ye, Haichun - Hong Kong Institute for Monetary Research (HKIMR), … - 2015
We make the first attempt in the literature to empirically examine the spillover effects of U.S. monetary policy on … 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 …