Monetary policy spillover to small open economies: Is the
transmission different under low interest rates?

J 2023

Monetary policy spillover to small open economies: Is the transmission different under low interest rates?

CAO, Jin; Valeriya DINGER; Tomás GÓMEZ; Zuzana GRIC; Martin HODULA et al.

Základní údaje

Originální název

Monetary policy spillover to small open economies: Is the transmission different under low interest rates?

Autoři

CAO, Jin; Valeriya DINGER; Tomás GÓMEZ; Zuzana GRIC ; Martin HODULA; Alejandro JARA; Ragnar JUELSRUD; Karolis LIAUDINSKAS; Simona MALOVANÁ a Yaz TERAJIMA

Vydání

JOURNAL OF FINANCIAL STABILITY, NEW YORK, ELSEVIER SCIENCE INC, 2023, 1572-3089

Další údaje

Jazyk

angličtina

Typ výsledku

Článek v odborném periodiku

Obor

50206 Finance

Stát vydavatele

Spojené státy

Utajení

není předmětem státního či obchodního tajemství

Odkazy

URL

Impakt faktor

Impact factor: 6.100

Označené pro přenos do RIV

Ano

Kód RIV

RIV/00216224:14560/23:00130112

Organizační jednotka

Ekonomicko-správní fakulta

Klíčová slova anglicky

Low and negative interest rate environment (LNIRE); Cross-border monetary policy spillover; International bank lending channel; Portfolio channel

Příznaky

Mezinárodní význam, Recenzováno

Změněno: 9. 11. 2023 13:06, Mgr. Pavlína Kurková

Anotace

V originále

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. Our results show that the impact on lending in these small open economies depends on the interest rate level in the core. When interest rates are high, monetary policy cuts in core economies can reduce credit supply in small open economies. In contrast, when interest rates in core economies 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.

Přiložené soubory

1-s2.0-S1572308923000165-main.pdf

Požádat o autorskou verzi souboru

Cao_et_al.__monetary_policy.pdf

Citovat

CAO, Jin; Valeriya DINGER; Tomás GÓMEZ; Zuzana GRIC; Martin HODULA; Alejandro JARA; Ragnar JUELSRUD; Karolis LIAUDINSKAS; Simona MALOVANÁ a Yaz TERAJIMA. Monetary policy spillover to small open economies: Is the transmission different under low interest rates? JOURNAL OF FINANCIAL STABILITY. NEW YORK: ELSEVIER SCIENCE INC, 2023, roč. 65, April, s. 1-14. ISSN 1572-3089. Dostupné z: https://doi.org/10.1016/j.jfs.2023.101116.

@article{2240913,
   author = {Cao, Jin and Dinger, Valeriya and Gómez, Tomás and Gric, Zuzana and Hodula, Martin and Jara, Alejandro and Juelsrud, Ragnar and Liaudinskas, Karolis and Malovaná, Simona and Terajima, Yaz},
   article_location = {NEW YORK},
   article_number = {April},
   doi = {https://doi.org/10.1016/j.jfs.2023.101116},
   keywords = {Low and negative interest rate environment (LNIRE); Cross-border monetary policy spillover; International bank lending channel; Portfolio channel},
   language = {eng},
   issn = {1572-3089},
   journal = {JOURNAL OF FINANCIAL STABILITY},
   title = {Monetary policy spillover to small open economies: Is the transmission different under low interest rates?},
   url = {https://www.sciencedirect.com/science/article/pii/S1572308923000165},
   volume = {65},
   year = {2023}
}

TY  - JOUR
ID  - 2240913
AU  - Cao, Jin - Dinger, Valeriya - Gómez, Tomás - Gric, Zuzana - Hodula, Martin - Jara, Alejandro - Juelsrud, Ragnar - Liaudinskas, Karolis - Malovaná, Simona - Terajima, Yaz
PY  - 2023
TI  - Monetary policy spillover to small open economies: Is the transmission different under low interest rates?
JF  - JOURNAL OF FINANCIAL STABILITY
VL  - 65
IS  - April
SP  - 1-14
EP  - 1-14
PB  - ELSEVIER SCIENCE INC
SN  - 15723089
KW  - Low and negative interest rate environment (LNIRE)
KW  - Cross-border monetary policy spillover
KW  - International bank lending channel
KW  - Portfolio channel
UR  - https://www.sciencedirect.com/science/article/pii/S1572308923000165
N2  - 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. Our results show that the impact on lending in these small open economies depends on the interest rate level in the core. When interest rates are high, monetary policy cuts in core economies can reduce credit supply in small open economies. In contrast, when interest rates in core economies 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.
ER  -

CAO, Jin; Valeriya DINGER; Tomás GÓMEZ; Zuzana GRIC; Martin HODULA; Alejandro JARA; Ragnar JUELSRUD; Karolis LIAUDINSKAS; Simona MALOVANÁ a Yaz TERAJIMA. Monetary policy spillover to small open economies: Is the transmission different under low interest rates? \textit{JOURNAL OF FINANCIAL STABILITY}. NEW YORK: ELSEVIER SCIENCE INC, 2023, roč.~65, April, s.~1-14. ISSN~1572-3089. Dostupné z: https://doi.org/10.1016/j.jfs.2023.101116.

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