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An International Perspective on the Loan Puzzle in Emerging Markets☆

In: Banking and Finance Issues in Emerging Markets

Author

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  • Asli Leblebicioglu
  • Victor J. Valcarcel

Abstract

In seminal work, Den Haan et al. (2007, 2010, 2011) show business loans respond in the opposite direction of what may be intended by monetary policy action in the United States and Canada. Based on various approaches, identification schemes, and samples, we document evidence thisloan puzzleis not exclusive to developed economies but is also pervasive in emerging markets. We find business loans generally decline following expansionary monetary policy shocks. A preponderance of statistical and structural evidence indicates important transmissions of this puzzle from the United States to emerging markets.

Suggested Citation

  • Asli Leblebicioglu & Victor J. Valcarcel, 2018. "An International Perspective on the Loan Puzzle in Emerging Markets☆," International Symposia in Economic Theory and Econometrics, in: Banking and Finance Issues in Emerging Markets, volume 25, pages 163-191, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:isetez:s1571-038620180000025008
    DOI: 10.1108/S1571-038620180000025008
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    More about this item

    Keywords

    Loan puzzle; bank lending channel; emerging markets; spillovers; monetary policy; block exogeneity; global identification; VAR; E30; E31; E65;
    All these keywords.

    JEL classification:

    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes

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