Social and Behavioral Sciences Commons^™

Three Essays On International Credit Market And Monetary Policy, Anni Huang

Theses and Dissertations

My dissertation studies the behavior of international credit flow and the associated monetary policy spillover effect. In the first chapter, I am interested in decomposing the long-run variations and the short-run variations of US dollar denominated credit in emerging market economies. This paper uses a multivariate correlated unobserved component model to study the dynamic relationship among dollar credit in emerging market economies, US interest rates and the dollar index. The results from this model suggest that the transitory shocks to dollar credit in emerging market economies are highly negatively correlated with the transitory shocks to the US interest rate and …

The International Trade Credit Channel: Implications For Industry Performance, Sarah Isa Imlau

Theses and Dissertations

Chapter II: "The international trade credit channel: Implications for industry investment"

Abstract: Trade credit is an important feature of many trade contracts offering buyers a means of financing purchases using credit from suppliers. This paper aims to identify a channel through which international trade credit and international trade affect industry investment. I use an interaction variable approach, first implemented by Rajan and Zingales (1998), where industries are ranked by different propensities to use trade credit according to their industry specific production properties. This ranking is then interacted with measures of aggregate trade credit and trade openness at the country level …