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Real Effects of International Channels of Monetary Policy and Capital Controls: Credit Registry Evidence from Colombia

  • 2018.10.15
  • Event
Speaker: Prof. Yi Huang (The Graduate Institute, Geneva)

Topic:

Real Effects of International Channels of Monetary Policy and Capital Controls: Credit Registry Evidence from Colombia

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Time&Date:?

?13:00-14:15 pm, 2018/10/19 (Friday)

Venue:

?Room A619, Teaching A

Speaker:

?Prof. Yi Huang?(The Graduate Institute, Geneva)

Abstract:

?This paper evaluates the impact of international monetary policy shocks (IMP) over the conduction of monetary policy in an emerging market. We test the influence of monetary policy actions from United States and Eurozone over corporate loans in Colombia by using bank-firm-loan level data for the period 2004-2014. We find a significant pass- through of IMP shocks to corporate loan rates, and some effects on loan volume, loan maturity and collateral. The effects of IMP shocks on loan conditions are greater for loans granted by foreign banks compared to loans from domestic banks, and also for loans denominated in foreign currency compared to loans in local currency. During the capital controls period (2007q2 to 2008q4) monetary policy was more effective in increasing loan rates and reducing loan growth, especially for domestic banks. Thus, our results will help to assess whether capital controls are effective at re-establishing monetary policy independence or not.

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