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China pro-growth monetary policy and its asymmetric transmission
Chen, Kaiji; Higgins, Patrick; Waggoner, Daniel F.; Zha, Tao - 2016
China monetary policy, as well as its transmission, is yet to be understood by researchers and policymakers. In the … spirit of Taylor (1993, 2000), we develop a tractable framework that approximates practical monetary policy of China. The …
Persistent link: https://www.econbiz.de/10011776819
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Tests of ex ante versus ex post theories of collateral using private and public information
Berger, Allen N.; Frame, W. Scott; Ioannidou, Vasso - 2010
Collateral is a widely used, but not well understood, debt-contracting feature. Two broad strands of theoretical … literature explain collateral as arising from the existence of either ex ante private information or ex post incentive problems … ex post theories of collateral are empirically dominant although the ex ante theories are also valid for customers with …
Persistent link: https://www.econbiz.de/10010292349
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Portfolio balance effects of the SNB's bond purchase program
Kettemann, Andreas; Krogstrup, Signe - 2013
This paper carries out an empirical investigation of the impact on bond spreads of the announcement, purchases and exit from the SNB's bond purchase program in 2009-2010. We find evidence in favor of a narrowing yield spread of covered bonds as a result of the program. The effect materialized in...
Persistent link: https://www.econbiz.de/10010316939
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Asymmetric response to monetary policy surprises at the long-end of the yield curve
Demiralp, Selva; Yilmaz, Kamil - 2009
This paper provides a dynamic analysis of the responsiveness of asset markets to monetary policy path revisions. In an era of increased transparency and gradualism in policy making, one might expect an increased response to path revisions in asset markets as the policy actions become more...
Persistent link: https://www.econbiz.de/10010277266
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Lending relationships and monetary policy
Aksoy, Yunus; Basso, Henrique S.; Coto-Martinez, Javier - 2009
Financial intermediation and bank spreads are important elements in the analysis of business cycle transmission and monetary policy. We present a simple framework that introduces lending relationships, a relevant feature of financial intermediation that has been so far neglected in the monetary...
Persistent link: https://www.econbiz.de/10010321417
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US Monetary Policy in a Globalized World
Cuaresma, Jesús Crespo; Doppelhofer, Gernot; … - 2016
We analyze the interaction between monetary policy in the US and the global economy proposing a new class of Bayesian global vector autoregressive models that accounts for time-varying parameters and stochastic volatility (TVP-SV-GVAR). We find that a contractionary US monetary policy shock...
Persistent link: https://www.econbiz.de/10013370122
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Monetary policy and credit demand in India and some EMEs
Padit, B. L.; Vashisht, Pankaj - 2011
Impact of changes in policy rate of interest on demand for bank credit is examined for seven emerging market economies including India for the period 2002 to 2010. Panel data techniques are used after ruling out the presence of unit roots. The results show that when other determinants, like...
Persistent link: https://www.econbiz.de/10011807662
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What we learn from China's rising shadow banking: Exploring the nexus of monetary tightening and banks' role in entrusted lending
Chen, Kaiji; Ren, Jue; Zha, Tao - 2016
We argue that China's rising shadow banking was inextricably linked to potential balancesheet risks in the banking … banking (the banking system) in China. …
Persistent link: https://www.econbiz.de/10011776811
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Unconventional monetary policy and bond market connectedness in the new normal
Akovalı, Umut; Yılmaz, Kamil - 2021
Since the global financial crisis, major central banks gradually switched to unconventional monetary policies (UMPs) as part of their efforts to directly influence the long-term interest rates. This study analyzes the impact of conventional/unconventional monetary policies on sovereign bond...
Persistent link: https://www.econbiz.de/10012628453
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Why do borrowers pledge collateral? New empirical evidence on the role of asymmetric information
Berger, Allen N.; Espinosa-Vega, Marco A.; Frame, W. Scott - 2007
An important theoretical literature motivates collateral as a mechanism that mitigates adverse selection, credit … incidence of collateral. We exploit exogenous variation in lender information related to the adoption of an information … technology that reduces ex ante private information, and compare collateral outcomes before and after adoption. Our results are …
Persistent link: https://www.econbiz.de/10010292292