Risk Taking and Interest Rates ePub (Adobe DRM) download by Seung Jung Lee

Risk Taking and Interest Rates

INTERNATIONAL MONETARY FUND
Publication date: February 2017
ISBN: 9781475577822
Digital Book format: ePub (Adobe DRM)

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We study how low interest rates in the United States affect risk taking in the market of crossborder leveraged corporate loans. To the extent that actions of the Federal Reserve affect U.S. interest rates, our analysis provides evidence of a cross-border spillover effect of monetary policy. We find that before the crisis, lenders made ex-ante riskier loans to non- U.S. borrowers in response to a decline in short-term U.S. interest rates, and, after it, in response to a decline in longer-term U.S. interest rates. Economic uncertainty and risk appetite appear to play a limited role in explaining ex-ante credit risk. Our results highlight the potential policy challenges faced by central banks in affecting credit risk cycles in their own jurisdictions.
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Risk Taking and Interest Rates ePub (Adobe DRM) download by Seung Jung Lee
INTERNATIONAL MONETARY FUND, February 2017
ISBN: 9781475577822
EAN:  9781475577822
ePub (Adobe DRM)
List Price: $9.00 eBook price: $6.99
Risk Taking and Interest Rates PDF (Adobe DRM) download by Seung Jung Lee
INTERNATIONAL MONETARY FUND, February 2017
ISBN: 9781475577846
EAN:  9781475577846
PDF (Adobe DRM)
List Price: $9.00 eBook price: $6.99