Morais, Bernardo; Peydró, José-Luis; Ruiz Ortega, Claudia - Economics Research, World Bank Group - 2015
This paper identifies the international credit channel of monetary policy by analyzing the universe of corporate loans … in Mexico, matched with firm and bank balance-sheet data, and by exploiting foreign monetary policy shocks, given the … large presence of European and U.S. banks in Mexico. The paper finds that a softening of foreign monetary policy increases …