Monetary policy spillover to small open economies: Is the transmission different under low interest rates?
DC Element | Wert | Sprache |
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dc.contributor.author | Cao, Jin | |
dc.contributor.author | Dinger, Valeriya | |
dc.contributor.author | Gomez, Tomas | |
dc.contributor.author | Gric, Zuzana | |
dc.contributor.author | Hodula, Martin | |
dc.contributor.author | Jara, Alejandro | |
dc.contributor.author | Juelsrud, Ragnar | |
dc.contributor.author | Liaudinskas, Karolis | |
dc.contributor.author | Malovana, Simona | |
dc.contributor.author | Terajima, Yaz | |
dc.date.accessioned | 2023-07-12T06:57:36Z | - |
dc.date.available | 2023-07-12T06:57:36Z | - |
dc.date.issued | 2023 | |
dc.identifier.issn | 1572-3089 | |
dc.identifier.uri | http://osnascholar.ub.uni-osnabrueck.de/handle/unios/72002 | - |
dc.description.abstract | We explore the impact of low and negative monetary policy rates in core world economies on bank lending in four small open economies - Canada, Chile, the Czech Republic and Norway - using confidential bank-level data. We show that the impact on lending in these small open economies depends on the interest rate level in the core. During normal times, monetary policy cuts in the core can reduce credit supply in small open economies. In contrast, when interest rates in the core are low, further expansionary monetary policy increases lending in small open economies, consistent with an international bank lending channel. These results have important policy implications, suggesting that central banks in small open economies should watch for the impact of potential regime switches in core economies' monetary policy when rates shift to and from the very low end of the distribution. | |
dc.description.sponsorship | Prague University of Economics and Business, Czechia [IP100040]; The authors thank Iftekhar Hasan (Editor), two anonymous referees, Jose-Luis Peydro as well as participants of International Banking Research Network (IBRN) meetings and internal seminars of our institutions for their very valuable comments. This paper should not be reported as representing the views of Bank of Canada, Banco Central de Chile, Czech National Bank, Norges Bank or Inter-American Development Bank. The views expressed are those of the authors. Simona Malovana acknowledges the support from the Prague University of Economics and Business, Czechia (institutional research support grant no. IP100040). | |
dc.language.iso | en | |
dc.publisher | ELSEVIER SCIENCE INC | |
dc.relation.ispartof | JOURNAL OF FINANCIAL STABILITY | |
dc.subject | (LNIRE) | |
dc.subject | Business & Economics | |
dc.subject | Business, Finance | |
dc.subject | CREDIT BOOMS | |
dc.subject | Cross-border monetary policy spillover | |
dc.subject | Economics | |
dc.subject | FINANCIAL CRISES | |
dc.subject | International bank lending channel | |
dc.subject | Low and negative interest rate environment  | |
dc.subject | Portfolio channel | |
dc.subject | SAY | |
dc.title | Monetary policy spillover to small open economies: Is the transmission different under low interest rates? | |
dc.type | journal article | |
dc.identifier.doi | 10.1016/j.jfs.2023.101116 | |
dc.identifier.isi | ISI:000942597700001 | |
dc.description.volume | 65 | |
dc.contributor.orcid | http://orcid.org/0000-0003-1296-6649 | |
dc.contributor.orcid | http://orcid.org/0000-0001-9383-4634 | |
dc.contributor.orcid | http://orcid.org/0000-0001-9425-9790 | |
dc.contributor.orcid | http://orcid.org/0000-0002-0658-3214 | |
dc.contributor.researcherid | U-7978-2018 | |
dc.contributor.researcherid | AAU-6220-2020 | |
dc.identifier.eissn | 1878-0962 | |
dc.publisher.place | STE 800, 230 PARK AVE, NEW YORK, NY 10169 USA | |
dcterms.isPartOf.abbreviation | J. Financ. Stab. | |
dcterms.oaStatus | Green Submitted, Green Published | |
local.import.remains | affiliations : Norges Bank; Ifo Institut; University Osnabruck; N8 Research Partnership; White Rose University Consortium; University of Leeds; Inter-American Development Bank; Czech National Bank; Masaryk University Brno; Technical University of Ostrava; Prague University of Economics & Business; Bank of Canada | |
local.import.remains | earlyaccessdate : FEB 2023 | |
local.import.remains | web-of-science-index : Social Science Citation Index (SSCI) | |
crisitem.author.dept | FB 09 - Wirtschaftswissenschaften | - |
crisitem.author.deptid | fb09 | - |
crisitem.author.orcid | 0000-0001-8481-6047 | - |
crisitem.author.parentorg | Universität Osnabrück | - |
crisitem.author.netid | DiVa267 | - |
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geprüft am 20.05.2024