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We identify the effect of financial integration on international business cycle synchronization, by utilizing a confidential database on banks’ bilateral exposure and employing a country-pair panel instrumental variables approach. Countries that become more integrated over time have less...
Persistent link: https://www.econbiz.de/10009640319
Any empirical analysis of the credit channel faces a key identification challenge: changes in credit supply and demand are difficult to disentangle. To address this issue, we use the detailed answers from the US and the confidential and unique Euro area bank lending surveys. Embedding this...
Persistent link: https://www.econbiz.de/10009640312
To identify credit availability we analyze the extensive and intensive margins of lending with loan applications and all loans granted in Spain. We find that during the period analyzed both worse economic and tighter monetary conditions reduce loan granting, especially to firms or from banks...
Persistent link: https://www.econbiz.de/10009640362
This paper explores the relationship between central bank communication and market sentiment,and proposes a new measure. Market sentiment is proxied using a Twitter-based metric: theCentral Bank Surprise Index. The empirical study covers three cases: the Federal Reserve, theEuropean Central Bank...
Persistent link: https://www.econbiz.de/10012210744
This paper discusses the evolution of central bank communication, focusing on recent efforts by central banks to engage with a wider audience via social media. We document the social media presence of major central banks and discuss how analyzing Twitter content by and about monetary policy...
Persistent link: https://www.econbiz.de/10014238784
Using a unique dataset of the Euro area and the U.S. bank lending standards, we find that low (monetary policy) short-term interest rates soften standards, for household and corporate loans. This softening – especially for mortgages – is amplified by securitization activity, weak supervision...
Persistent link: https://www.econbiz.de/10009640292
This study examines empirically the information content of the euro area Bank Lending Survey for aggregate credit and output growth. The responses of the lending survey, especially those related to loans to enterprises, are a significant leading indicator for euro area bank credit and real GDP...
Persistent link: https://www.econbiz.de/10009640399
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