International spillovers of monetary policy: lessons from Chile, Korea, and Poland

Krzysztof Gajewski, Alejandro Jara, Yujin Kang, Junghwan Mok, David Moreno and Dobromił Serwa ()
Additional contact information
Krzysztof Gajewski: Narodowy Bank Polski
Yujin Kang: Bank of Korea

No 290, NBP Working Papers from Narodowy Bank Polski

Abstract: In this paper, we assess evidence on international monetary policy spillovers to domestic bank lending in Chile, Korea, and Poland, using confidential bank-level data and different measures of monetary policy shocks in relevant currency areas. These three emerging market economies are small and open, their banking systems do not have significant presence overseas, and they can be considered as price takers in the world economy. Such features allow for better identification of binding financial constraints and foreign monetary policy shocks. We find that the monetary policy shocks spill over into domestic bank lending, modifying the degree to which financial frictions tighten or relax, and this evidence is consistent with international bank lending and portfolio channels.

Keywords: monetary policy spillovers; international bank lending channel. (search for similar items in EconPapers)
JEL-codes: E32 F32 F34 G15 G21 (search for similar items in EconPapers)
Pages: 41
Date: 2018
New Economics Papers: this item is included in nep-cba, nep-cse, nep-mac, nep-mon, nep-opm and nep-tra
Note: This research is part of the International Banking Research Network initiative on International Spillovers of Monetary Policy. We are grateful for comments received from Guillaume Vuillemey and the participants of the June 30th, 2017 Global Financial Linkages and Monetary Policy Transmission Conference held at the Banque de France, Paris.
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8)

Downloads: (external link)
https://static.nbp.pl/publikacje/materialy-i-studia/290_en.pdf (application/pdf)

Related works:
Journal Article: International spillovers of monetary policy: Lessons from Chile, Korea, and Poland (2019)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nbp:nbpmis:290

Access Statistics for this paper

More papers in NBP Working Papers from Narodowy Bank Polski Contact information at EDIRC.
Bibliographic data for series maintained by Jakub Growiec ().