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Monetary Policy Spillover into a Developing Country When the US Federal Fund Rate Rises: Evidence on a Bank Lending Channel
https://doi.org/10.18884/00001034
https://doi.org/10.18884/0000103456402c80-a1ab-43a0-9ee5-6f6980f8a65a
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
JICA-RI_WP_No.214 (1.0 MB)
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| Item type | 紀要論文 / Departmental Bulletin Paper(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2020-08-11 | |||||
| タイトル | ||||||
| タイトル | Monetary Policy Spillover into a Developing Country When the US Federal Fund Rate Rises: Evidence on a Bank Lending Channel | |||||
| タイトル | ||||||
| タイトル | Monetary Policy Spillover into a Developing Country When the US Federal Fund Rate Rises: Evidence on a Bank Lending Channel | |||||
| 言語 | en | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Bank Lending Channel | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | International Monetary Policy Transmission | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Capital Inflow | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Developing Countries | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Dollarization | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Cambodia | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | Bank Lending Channel | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | International Monetary Policy Transmission | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | Capital Inflow | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | Developing Countries | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | Dollarization | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | Cambodia | |||||
| 資源タイプ | ||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_6501 | |||||
| 資源タイプ | departmental bulletin paper | |||||
| ID登録 | ||||||
| ID登録 | 10.18884/00001034 | |||||
| ID登録タイプ | JaLC | |||||
| 著者 |
Aiba, Daiju
× Aiba, Daiju |
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| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | Banks in developing countries are highly dependent on funding sources from abroad, and such high dependency on external funding could cause vulnerability to the sector by channeling the effects of foreign monetary policies to domestic bank lending. In this paper, we study the international transmission of monetary policy of US and banks’ major shareholders’ home countries into bank lending in Cambodia, using data on banks’ loan disbursement and balance sheets from 2013Q1 to 2019Q2. Cambodia is one of the least developed countries in the south-east Asian region, while its economy is highly dollarized and capital movement is free. This environment is likely to allow banks to transmit financial shocks into domestic lending. As a result, we find that US monetary policy affected domestic lending through the channel of foreign funding exposure, suggesting that Cambodian banks with foreign funding exposure are likely to reduce lending when there is a rise in the cost of funding from abroad. We also find that an increase in the US monetary policy rate is associated with increases in loan disbursements in secured loans, USD currency loans, and retail loans, suggesting the monetary transmission also affected loan reallocations by changing risk-taking behavior in bank lending. In addition, we find that these results are robust for US monetary policy effects, but weak and not robust for monetary policies of banks’ major shareholders’ home countries. | |||||
| 書誌情報 |
Working Paper en : Working Paper 号 214, p. 1-55, 発行日 2020-08-11 |
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| 出版者 | ||||||
| 出版者 | JICA Ogata Sadako Research Institute for Peace and Development | |||||
