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- W3003644047 abstract "We show that global liquidity limits the effectiveness of local monetary policy on credit markets. The mechanism is via a bank carry trade in international markets when local monetary policy tightens. For identification, we exploit global (VIX, U.S. monetary policy) shocks and loan-level data —the credit and international interbank registers— from a large emerging market, Turkey. Softer global liquidity conditions attenuate the pass-through of local monetary policy tightening on loan rates, especially for banks with more access to international wholesale markets. Effects are also important for other credit margins and for risk-taking, e.g. riskier borrowers in FX loans or defaults." @default.
- W3003644047 created "2020-02-07" @default.
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- W3003644047 date "2019-12-01" @default.
- W3003644047 modified "2023-09-27" @default.
- W3003644047 title "Global Liquidity and Impairment of Local Monetary Policy" @default.
- W3003644047 hasPublicationYear "2019" @default.
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