Essays on banking, international finance and monetary policy
This thesis contributes to the empirical literature that analyses the link between banking, international finance and monetary policy. It studies several micro-level supervisory databases, each crucial for identification. The first chapter shows that global liquidity limits the effectiveness of loca...
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| Tipo de recurso: | tesis doctoral |
| Estado: | Versión publicada |
| Fecha de publicación: | 2021 |
| País: | España |
| Institución: | CBUC, CESCA |
| Repositorio: | TDR. Tesis Doctorales en Red |
| OAI Identifier: | oai:www.tdx.cat:10803/671421 |
| Acceso en línea: | http://hdl.handle.net/10803/671421 |
| Access Level: | acceso abierto |
| Palabra clave: | International finance Banks Monetary policy Emerging markets 33 |
| Sumario: | This thesis contributes to the empirical literature that analyses the link between banking, international finance and monetary policy. It studies several micro-level supervisory databases, each crucial for identification. The first chapter shows 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. The second chapter shows that unhedged foreign currency debt entails a risk that permeates the economy, not only affecting firms holding unhedged foreign currency debt adversely, but also other firms connected to foreign currency indebted firms. Firms connected to foreign-currency indebted firms experience binding tightening in bank credit supply, lower firm-to firm trade, and more adverse real outcomes. The third chapter shows that forward guidance policies of Fed and ECB have spillovers in emerging markets’ credit cycles. The mechanism is via banks’ foreign currency cross-border liabilities. |
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