Monetary Policy Framework and Financial Intermediaries’ Leverage: International Evidence
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This paper provides international evidence that the interplay between sophisticated interbank transactions and an interest rate-oriented monetary policy framework can increase the credit supply endogenously. Using country-level panel data collected from 18 countries with a floating exchange rate under an interest rate-oriented monetary policy framework, we find from a panel-VARX model that the impacts of non-core liability shocks on both monetary base and core asset are significantly positive. Policy implications of these findings are also discussed.
Abstract
This paper provides international evidence that the interplay between sophisticated interbank transactions and an interest rate-oriented monetary policy framework can increase the credit supply endogenously. Using country-level panel data collected from 18 countries with a floating exchange rate under an interest rate-oriented monetary policy framework, we find from a panel-VARX model that the impacts of non-core liability shocks on both monetary base and core asset are significantly positive. Policy implications of these findings are also discussed.
참고문헌 (14)
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