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US Monetary Policy Spillovers To Emerging Markets: The Trade Credit Channel

dc.contributor.authorLondon, M.
dc.contributor.authorSilvestrini, Maeva
dc.date.accessioned2023-01-27T11:16:22Z
dc.date.available2023-01-27T11:16:22Z
dc.date.issued2022
dc.identifier.urihttps://basepub.dauphine.psl.eu/handle/123456789/23868
dc.language.isoenen
dc.subjectInternational Economicsen
dc.subjectMonetary policyen
dc.subjectTrade crediten
dc.subjectemerging marketsen
dc.subject.ddc339en
dc.subject.classificationjelE.E3.E32en
dc.subject.classificationjelE.E4.E44en
dc.subject.classificationjelF.F4.F41en
dc.titleUS Monetary Policy Spillovers To Emerging Markets: The Trade Credit Channelen
dc.title.alternativeEffets de débordements des politiques monétaires US aux économies émergentes : le canal du crédit commercialen
dc.typeCommunication / Conférence
dc.description.abstractenWe analyze the effect of exogenous US monetary policy shocks on trade credit flows towards emerging markets. We use a proprietary database on firm-to-firm trade credit flows. We find trade credit to be an additional pass-through channel of US monetary policy to emerging markets and a substitute to other types of financing for EM importers. Using the granularity of the data, we distinguish between different mechanisms. Specifically, US monetary tightening exerts three distinct effects. First, it increases EM importers’ demand for trade credit, used as a substitute to other financing tools themselves restrained. Second, it restricts US suppliers’ ability to extend trade credit to their EM customers, thus acting as a liquidity squeeze. Finally, it also affects trade credit flows through an exchange rate channel, impacting differently USD and non-USD flows.en
dc.subject.ddclabelMacroéconomieen
dc.relation.conftitle43rd Annual Meeting of the Association of Southern European Economic Theoristsen
dc.relation.confdate2022-10
dc.relation.confcityCrêteen
dc.relation.confcountryGreeceen
dc.relation.forthcomingnonen
dc.description.ssrncandidatenon
dc.description.halcandidateouien
dc.description.readershiprechercheen
dc.description.audienceInternationalen
dc.relation.Isversionofjnlpeerreviewednonen
dc.date.updated2023-01-16T13:24:33Z
dc.subject.classificationjelHALE - Macroeconomics and Monetary Economics::E3 - Prices, Business Fluctuations, and Cycles::E32 - Business Fluctuations; Cyclesen
dc.subject.classificationjelHALE - Macroeconomics and Monetary Economics::E4 - Money and Interest Rates::E44 - Financial Markets and the Macroeconomyen
dc.subject.classificationjelHALF - International Economics::F4 - Macroeconomic Aspects of International Trade and Finance::F41 - Open Economy Macroeconomicsen
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