Extended monetary easing in US has larger impact abroad – paper

Impact of prolonged US monetary easing felt more internationally than at home, IMF paper says

Persistent monetary easing in the United States has a larger effect on financial firms abroad than it does at home, a working paper published by the International Monetary Fund says.

Authors Stephen Cecchetti, Tommaso Mancini-Griffoli and Machiko Narita analyse firm level data for around 1,000 banks and non-bank financial institutions across 22 countries over a 15-year timeframe in order to understand what impact extended monetary policy easing has on risk-taking behaviour.

Their results show

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