دانلود مقاله ISI انگلیسی شماره 111384
کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
111384 2018 34 صفحه PDF سفارش دهید 8720 کلمه
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عنوان انگلیسی
The international credit channel of U.S. monetary policy transmission to developing countries: Evidence from trade data
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Development Economics, Volume 133, July 2018, Pages 33-41

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چکیده انگلیسی

In a large sector-level bilateral trade dataset, we find robust evidence supporting a broad international credit channel of U.S. monetary policy transmission to developing countries. We show that U.S. monetary policy has a significant effect on the sectoral composition of developing countries' exports. Financially more vulnerable sectors have a significantly more negative exposure of their trade to a tight U.S. monetary policy, especially in financially less developed exporting countries or during significant U.S. tightening periods. Moreover, we identify both a monetary policy dependence mechanism and a financial dollarization mechanism through which U.S. monetary policy can influence the sectoral composition of developing countries' exports.

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