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...: FB3-5/2021-62E-PDF
"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.
Permanent link to this Catalogue record:
publications.gc.ca/pub?id=9.905824&sl=0
| Department/Agency | Bank of Canada, issuing body. |
|---|---|
| Title | 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. |
| Series title | Staff working paper = Document de travail du personnel, 1701-9397 ; 2021-62 |
| Publication type | Series - View Master Record |
| Language | [English] |
| Format | Electronic |
| Electronic document | |
| Note(s) | "Last updated: November 30, 2021." Includes bibliographical references (page 28). |
| Publishing information | Ottawa, Ontario, Canada : Bank of Canada = Banque du Canada, 2021. ©2021 |
| Author / Contributor | Cao, Jin, author. |
| Description | 1 online resource (ii, 45 pages) : charts. |
| Catalogue number |
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| Subject terms | Monetary policy. Interest rates -- Econometric models. Politique monétaire. Taux d'intérêt -- Modèles économétriques. |
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