Macroeconomic Performance, Monetary Policy, and Bank Syndicated Loans: An Empirical Analysis of Emerging and Advanced Economies

• Main Authors: Hsu, Pu-Ching, 許普晴
• Other Authors: Huang, Chen-Jui
• Format: Others
• Language: en_US
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/phmrpd

碩士 === 東海大學 === 財務金融學系 === 101 === The study classifies, according to the MSCI indices for the emerging market and for the advanced market, two subsamples and examines whether the bank syndicated loan market is affected by macroeconomic performance and monetary policy. The research analyzes the quarterly data from the Bank for International Settlements and Datastream from 1995 to 2012 and distinguishes three groups of explanatory variables that cover the macroeconomic performance, monetary policy, and international indices. Major empirical findings are as follows. As a country adopts monetary expansion, the increase in money growth shows a positive effect on syndicated loans. The deposit rate exhibits a positive sign as well. Besides, a higher GDP growth rate enhances the size of syndicated loans. In contrast, changes in the Treasury bond yield leads to a smaller value of bank syndicated loans. As for international indices, the percentage change in MSCI Emerging Index and the change in LIBOR positively affect loan syndication only in advanced economies.