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

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F61989100%3A27510%2F23%3A10251692" target="_blank" >RIV/61989100:27510/23:10251692 - isvavai.cz</a>

Nalezeny alternativní kódy

RIV/00216224:14560/23:00130112 RIV/61384399:31110/23:00058930

Výsledek na webu

<a href="https://www.sciencedirect.com/science/article/pii/S1572308923000165" target="_blank" >https://www.sciencedirect.com/science/article/pii/S1572308923000165</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.1016/j.jfs.2023.101116" target="_blank" >10.1016/j.jfs.2023.101116</a>

Jazyk výsledku

angličtina

Název v původním jazyce

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

Popis výsledku v původním jazyce

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&apos; monetary policy when rates shift to and from the very low end of the distribution.

Název v anglickém jazyce

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

Popis výsledku anglicky

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&apos; monetary policy when rates shift to and from the very low end of the distribution.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50206 - Finance

Projekt

—

Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2023

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Journal of Financial Stability

ISSN

1572-3089

e-ISSN

1878-0962

Svazek periodika

65

Číslo periodika v rámci svazku

April

Stát vydavatele periodika

US - Spojené státy americké

Počet stran výsledku

14

Strana od-do

101116

Kód UT WoS článku

000942597700001

EID výsledku v databázi Scopus

2-s2.0-85147865979