Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/216781
Authors: 
Abuka, Charles
Alinda, Ronnie K.
Minoiu, Camelia
Peydró, José-Luis
Presbitero, Andrea F.
Year of Publication: 
2019
Citation: 
[Journal:] Journal of Development Economics [Volume:] 139 [Year:] 2019 [Pages:] 185-202 [ISSN:] 0304-3878
Abstract: 
Recent studies of monetary policy in developing countries document a weak bank lending channel based on aggregate data. In this paper, we bring new evidence using Uganda's supervisory credit register, with microdata on loan applications, volumes and rates, coupled with unanticipated variation in monetary policy. We show that a monetary contraction reduces bank credit supply—increasing loan application rejections and tightening loan volume and rates—especially for banks with more leverage and sovereign debt exposure. There are associated spillovers on inflation and economic activity—including construction permits and trade—and even social unrest.
Subjects: 
Bank lending channel of monetary policy
bank credit
real effects
credit register
Developing countries
JEL: 
E42
E44
E52
E58
G21
G28
Persistent Identifier of the first edition: 
Creative Commons License: 
http://creativecommons.org/licenses/by-nc-nd/4.0/
Document Type: 
Article
Document Version: 
Published Version

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