کانال اعتباری بین المللی انتقال پولی ایالات متحده به کشورهای در حال توسعه: شواهد از داده های تجاری

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.