경영경제 분야 세미나를 아래와 같이 개최하오니, 관심 있는 분들의 많은 참석 부탁 드립니다.

1. 일시: 2019년 5월 2일 (목), 16:00~17:30
2. 장소: 9호관 3층, 9303호 강의실
3. 강사: 최상엽 교수 (연세대학교)
4. 주제: International Bank Lending Channel of Monetary Policy
5. 연구분야: 경영경제
* Lecture will be delivered in Korean.

[Abstract]
How does domestic monetary policy in center countries spillover to the rest of the world? This paper examines the bank lending channel of monetary policy in the international context using bilateral crossborder banking data. We use exogenous surprises in monetary policy stance in systemically important economies, including the U.S., and the local projection method to estimate the dynamic effect of monetary policy shocks on cross-border bank lending. We find robust evidence that the bank lending channel of monetary policy is still potent in the international context: an exogenous monetary tightening leads to a statistically and economically significant decline in cross-border bank lending. This effect tends to be larger during periods of lower measured global risks or uncertainty (proxied by the VIX) and when lending toward emerging market borrowers. In contrast, no clear-cut evidence emerges on the ability of capital controls and floating exchange rate regimes in reducing the cross-border spillover effect of monetary policy.