Transmitting Global Liquidity to East Asia: Policy Rates, Bond Yields, Currencies and Dollar Credit
AbstractWe review extant work on the transmission of monetary policy, both conventional and unconventional, of the major advanced economies to East Asia through monetary policy reactions, integrated bond markets and induced currency appreciation. We present new results on the growth of foreign currency credit, especially US dollar credit, as a transmission mechanism. Restrained growth of dollar credit in Korea contrasts with very rapid growth on the Chinese mainland and in Hong Kong SAR.
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Bibliographic InfoPaper provided by Hong Kong Institute for Monetary Research in its series Working Papers with number 152013.
Length: 47 pages
Date of creation: Oct 2013
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Other versions of this item:
- Dong He & Robert N McCauley, 2013. "Transmitting global liquidity to East Asia: policy rates, bond yields, currencies and dollar credit," BIS Working Papers 431, Bank for International Settlements.
- NEP-ALL-2014-01-10 (All new papers)
- NEP-CBA-2014-01-10 (Central Banking)
- NEP-MON-2014-01-10 (Monetary Economics)
- NEP-OPM-2014-01-10 (Open Economy Macroeconomic)
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