Report

US monetary policy and the financial channel of the exchange rate: evidence from India

Bank of International Settlements
May 28, 2021

The effect of US monetary policy on EMEs is one of the fiercely debated issues in international finance. We contribute to this debate using micro- and macro-level analyses from India over the period 2004-2019. Using a dynamic panel estimation model of non-financial firms, we show that US monetary tightening adversely affects firms' net worth and reduces domestic credit relative to external credit…

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Bank of International Settlements

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Bank of International Settlements

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Bank of International Settlements

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Bank of International Settlements

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Bank of International Settlements