The Role of US Monetary Policy in Banking Crises Across the World

被引：3

作者：

Durdu, C. Bora ^{[1
]}

Martin, Alex ^{[2
]}

Zer, Ilknur ^{[1
]}

机构：

[1] Fed Reserve Board, Div Financial Stabil, Washington, DC 20551 USA

[2] MIT, Econ, Cambridge, MA 02139 USA

来源：

IMF ECONOMIC REVIEW | 2020年 / 68卷 / 01期

关键词：

Banking crises; Financial stability; Monetary policy shocks; Sudden stops; Global financial cycles; FINANCIAL INTEGRATION; BUSINESS CYCLES; TRADE; GROWTH; CREDIT; COUNTRIES; GLOBALIZATION; DYNAMICS; OPENNESS; STOPS;

D O I：

10.1057/s41308-020-00109-1

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the role of US monetary policy in banking crises across the world by using a cross-country database spanning 69 countries over the 1870-2010 period. US monetary policy tightening increases the probability of a banking crisis for those countries with direct linkages to the USA, either in the form of trade links or significant share of USD-denominated liabilities. Conversely, if a country is integrated globally, rather than having a direct exposure, the effect is ambiguous. These findings suggest that the effect of US monetary policy in global banking crises is not uniform and is largely dependent on the nature of linkages with the USA.

引用

页码：66 / 107

页数：42

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