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Risk Taking and Interest Rates : Evidence from Decades in the Global Syndicated Loan Market
Lee, Seung Jung - 2017
We study how low interest rates in the United States affect risk taking in the market of cross-border leveraged corporate loans. To the extent that actions of the Federal Reserve affect U.S. interest rates, our analysis provides evidence of a cross-border spillover effect of monetary policy. We...
Persistent link: https://www.econbiz.de/10012961476
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Monetary Policy Transmission in Emerging Asia : The Role of Banks and the Effects of Financial Globalization
Ananchotikul, Nasha - 2015
Given the heavy reliance on bank lending as the main source of financing in most Asian economies, banks could potentially play a pivotal role in monetary policy transmission. However, we find that Asia's bank lending channel or, more broadly, credit channel of domestic monetary policy is not...
Persistent link: https://www.econbiz.de/10013011204
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International Bank Lending Channel of Monetary Policy
Albrizio, Silvia - 2019
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.,...
Persistent link: https://www.econbiz.de/10012858392
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Leaning Against Windy Bank Lending
Melina, Giovanni - 2017
Using an estimated dynamic stochastic general equilibrium model with banking, this paper first provides evidence that monetary policy reacted to bank loan growth in the US during the Great Moderation. It then shows that the optimized simple interest-rate rule features no response to the growth...
Persistent link: https://www.econbiz.de/10012948523
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Housing Price, Credit, and Output Cycles : How Domestic and External Shocks Impact Lithuania's Credit
Ioannou, Iacovos - 2018
Lithuania's current credit cycle highlights the strong link between housing prices and credit. We explore this relationship in more detail by analyzing the main features of credit, housing price, and output cycles in Baltic and Nordic countries during1995-2017. We find a high degree of...
Persistent link: https://www.econbiz.de/10012912503
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Portfolio Rebalancing in Japan : Constraints and Implications for Quantitative Easing
Arslanalp, Serkan - 2015
Portfolio rebalancing is a key transmission channel of quantitative easing in Japan. We construct a realistic …
Persistent link: https://www.econbiz.de/10013015596
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Demographics and the Natural Rate of Interest in Japan
Han, Fei - 2019
Japan's aging and shrinking population could lower the natural rate of interest and, together with low inflation … expectations, challenge the Bank of Japan's efforts to reflate the economy. This paper uses a semi-structural model to estimate the … impact of demographics on the natural rate in Japan. We find that demographic change has a significantly negative impact on …
Persistent link: https://www.econbiz.de/10012889159
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Spillovers from Japan's Unconventional Monetary Policy to Emerging Asia : A Global VAR Approach
Ganelli, Giovanni - 2016
We use a Global VAR model to study spillovers from the Bank of Japan's quantitative and qualitative easing (QQE) on …
Persistent link: https://www.econbiz.de/10012977736
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Reflating Japan : Time to Get Unconventional?
Arbatli, Elif C. - 2016
Japan has ambitious economic goals: 3 percent nominal growth; 2 percent inflation; and a primary budget surplus …
Persistent link: https://www.econbiz.de/10012977808
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Achieving the Bank of Japan's Inflation Target
Anand, Rahul - 2019
The Bank of Japan has introduced various unconventional monetary policy tools since the launch of Abenomics in 2013, to … analysis (FPAS) for Japan. In the model's baseline scenario, the likelihood of the Bank of Japan reaching its 2 percent …
Persistent link: https://www.econbiz.de/10012858390