00000nam 2200000zi 4500 9.905824 CaOODSP 20221107180937 m o d f cr |n||||||||| 211209t20212021oncd ob f|0| 0 eng d CaOODSP eng rda CaOODSP n-cn--- FB3-5/2021-62E-PDF Cao, Jin, author. Monetary policy spillover to small open economies : is the transmission different under low interest rates? / by Jin Cao, Valeriya Dinger, Tomás Gómez, Zuzana Gric, Martin Hodula, Alejandro Jara, Ragnar Juelsrud, Karolis Liaudinskas, Simona Malovaná, and Yaz Terajima. Ottawa, Ontario, Canada : Bank of Canada = Banque du Canada, 2021. ©2021 1 online resource (ii, 45 pages) : charts. text txt rdacontent computer c rdamedia online resource cr rdacarrier Staff working paper = Document de travail du personnel, 1701-9397 ; 2021-62 "Last updated: November 30, 2021." Includes bibliographical references (page 28). "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. Our results show that the impact on lending in these small open economies depends on the interest rate level in the core. When interest rates are high, monetary policy cuts in core economies can reduce credit supply in small open economies. In contrast, when interest rates in core economies are low, further expansionary monetary policy increases lending in small open economies, consistent with an international bank lending channel"--Abstract. Monetary policy. Interest rates Econometric models. Politique monétaire. Taux d'intérêt Modèles économétriques. Bank of Canada, issuing body. Staff working paper (Bank of Canada) 2021-62. (CaOODSP)9.806221 PDF 1.30 MB https://publications.gc.ca/collections/collection_2021/banque-bank-canada/FB3-5-2021-62-eng.pdf