Monetary policy and bank lending in developing countries: Loan applications, rates, and real effects

• 成果类型: Article
• 署名作者: Abuka, Charles; Alinda, Ronnie K.; Minoiu, Camelia; Peydro, Jose-Luis; Presbitero, Andrea F.
• 署名单位: Federal Reserve System - USA; Federal Reserve System Board of Governors; Pompeu Fabra University; Barcelona School of Economics; ICREA; Centre de Recerca en Economia Internacional (CREI); Imperial College London; Centre for Economic Policy Research - UK; International Monetary Fund
• 刊物名称: JOURNAL OF DEVELOPMENT ECONOMICS
• ISSN/ISSBN: 0304-3878
• DOI: 10.1016/j.jdeveco.2019.03.004
• 发表日期: 2019
• 页码: 185-202
• 关键词: Bank lending channel of monetary policy; Bank credit; Real effects; Credit register; Developing countries

摘要

Recent studies of monetary policy in developing countries document a weak bank lending channel based on aggregate data. In this paper, we bring new evidence using Uganda's supervisory credit register, with microdata on loan applications, volumes and rates, coupled with unanticipated variation in monetary policy. We show that a monetary contraction reduces bank credit supply increasing loan application rejections and tightening loan volume and rates especially for banks with more leverage and sovereign debt exposure. There are associated spillovers on inflation and economic activity including construction permits and trade and even social unrest.