Global liquidity matters for pass-through – CBRT research
Access to external sources of liquidity affects pass-through of monetary policy, researchers find
The effects of domestic monetary policy can be dulled where banks have access to abundant sources of global liquidity, according to research published by the Central Bank of the Republic of Turkey.
Salih Fendoğlu and Eda Gülşen compare the cases of two hypothetical banks, both offering the same type of loan to the same firm, but one with greater access to global funding sources.
The authors estimate their results based on data from 2005–16, finding banks with higher access to external funding
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