Capital flows and the international credit channel

• 成果类型: Article; Proceedings Paper
• 署名作者: Baskaya, Yusuf Soner; di Giovanni, Julian; Kalemli-Ozcan, Sebnem; Peydro, Jose-Luis; Ulu, Mehmet Fatih
• 署名单位: Central Bank of the Republic of Turkey; ICREA; University System of Maryland; University of Maryland College Park; Pompeu Fabra University; Barcelona School of Economics; Centre de Recerca en Economia Internacional (CREI); Centre for Economic Policy Research - UK; National Bureau of Economic Research
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2016.12.003
• 发表日期: 2017
• 页码: S15-S22
• 关键词: capital flows; Bank-lending channel; Bank heterogeneity

摘要

We examine the role of the international credit channel in Turkey over 2005-2013. We show that larger, more capitalized banks with higher non-core liabilities increase credit supply when capital inflows are higher. This result is stronger for domestic banks relative to foreign banks and survives during the crisis period of post-2008, when foreign banks in general stop lending in emerging markets and retreat to their home countries. By decomposing capital inflows into bank and non-bank flows, we show the importance of domestic banks' external borrowing for domestic credit growth. 2017 Elsevier B.V. All rights reserved.