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Domestic lending when financial markets are integrated: Is it all for real?

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  • Luisa Zanforlin

Abstract

Recent episodes of strong growth in banks' credit to the private sector have been accompanied by large appreciations of the real exchange rates. I conjecture that such appreciations have been associated with cross-country interest rate differentials, and integrated financial markets generated increases in domestic liquidity. I also conjecture that real exchange rates alter the relative values of domestic and foreign collateral goods and thus they affect total financing available to a country. I use panel data for 91 countries from 1970 to 2000 to investigate the association between cross-country interest rate differentials, real exchange rate levels and private sector credit growth, through dynamic panel data techniques.

Suggested Citation

  • Luisa Zanforlin, 2011. "Domestic lending when financial markets are integrated: Is it all for real?," Applied Economics Letters, Taylor & Francis Journals, vol. 18(16), pages 1517-1520.
    • Handle: RePEc:taf:apeclt:v:18:y:2011:i:16:p:1517-1520
    DOI: 10.1080/13504851.2010.548769
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    Citations

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    Cited by:

    1. Yu Hsing, 2014. "Monetary Policy Transmission and Bank Lending In South Korea and Policy Implications," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 4(11), pages 1674-1680, November.
    2. Yu Hsing & Wen-jen Hsieh, 2014. "Test of the Bank Lending Channel for a BRICS Country," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 4(8), pages 1016-1023, August.
    3. Yu Hsing, 2014. "Test of the bank lending channel: the case of US consumer loans," Applied Economics Letters, Taylor & Francis Journals, vol. 21(7), pages 466-469, May.
    4. Yu HSING, 2014. "Test of the bank lending channel: The case of Hungary," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(1(590)), pages 115-120, January.

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