报告题目：Monetary policy transmission with and without capital controls: Micro-Evidence from Colombia

报 告 人：黄毅

时    间：2020年11月13日上午10：00-12:00

腾讯会议号：791 846 606

报告人简介：

黄毅为中国经济研究中心硕士，伦敦商学院博士，目前为瑞士日内瓦高等研究院副教授，博士生导师，同时为CEPR欧洲政策研究中心成员。其主要研究领域为国际宏观经济学与金融学，在Review of Economic Studies，Journal of Finance等国际顶级期刊发表学术论文多篇。曾任IMF研究部经济学家。

报告摘要：

This paper evaluates the effect of capital controls on the transmission of domestic and international monetary policy shocks (IMP) to an emerging market. Using detailed regulatory data from Colombia, we test whether a mild form of capital controls that restricts short-term cross-border inflows is able to shield the Colombian economy from monetary policy shocks from the euro area and the United States. We find that, for the period in which Colombian authorities imposed capital controls (2007:Q2 to 2008:Q4), local monetary policy was more effective in controlling loan rates and loan growth, with some heterogeneity across local and foreign banks. The effects of IMP shocks on loan conditions tend to be greater for loans granted by foreign banks. We also document some variations across banks depending on their dependence on cross-border lending and analyse potential costs of capital controls.

经济与金融学院

2020年11月10日