The effect of US stress tests on monetary policy spillovers to emerging markets
Abstract
This paper explores the transmission of US monetary policy through US banks to emerging market economies (EMEs) and the role that stress tests play in this transmission. Data on US banks’ monthly commercial and industrial loan originations shows that: (a) US bank lending to EMEs was sensitive to domestic monetary policy changes during the zero‐lower bound period. (b) Effects of monetary easing were heterogeneous across banks and depended on...
Paper Details
Title
The effect of US stress tests on monetary policy spillovers to emerging markets
Published Date
Oct 30, 2020
Volume
29
Issue
1
Pages
165 - 194
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