that well-functioning credit markets would reflect a bank channel for monetary policy at work, we test whether a change in … and the associated change in interest rate does not affect change in bank credit, change in total debt and the proportion … of bank credit in total debt for any of the firms. We discuss the policy implications of the findings. …

uncollateralized credit. We find that this kind of policy is more successful in suppressing equity price swings than moderating output …

. This creates a direct connection between U.S. monetary policy and EME credit cycles. We estimate that over a typical U ….S. monetary policy affects credit conditions for EME firms. We show that the spillover is stronger in higher-yielding and more … financially open markets, and for firms with a higher reliance on foreign bank credit. …

. This creates a direct connection between U.S. monetary policy and EME credit cycles. We estimate that over a typical U ….S. monetary policy affects credit conditions for EME firms. We show that the spillover is stronger in higher-yielding and more … financially open markets, and for firms with a higher reliance on foreign bank credit …

.S. dollars. This creates a direct connection between U.S. monetary policy and EME credit cycles. We estimate that over a typical … issued by foreign banks than do borrowers from developed markets, followed by a fast credit contraction of a similar … lenders do not offset the foreign bank capital flows, and U.S. monetary policy affects credit conditions for EME firms, both …

‐border credit flows. Relying on comprehensive loan‐level data, we find that Fed QE strongly boosts cross‐border credit granted to …