文章基本信息

标题：Is there a debt service channel of monetary transmission
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作者：Boris Hofmann ; Gert Peersman
期刊名称：BIS Quarterly Review: International Banking and Financial Market Developments = BIZ-Quartalsbericht: Internationales Bankgeschäft und internationale Finanzmärkte
印刷版ISSN：1012-9979
出版年度：2017
卷号：2017
语种：English
出版社：Bank for International Settlements
摘要：Previous research has explored the impact of private sector debt service ratios (DSRs), ie debt payments relative to income, on medium-term macroeconomic outcomes. This special feature, based on a study of 18 economies, finds that monetary policy shocks, in turn, have a significant impact on DSRs. We show that a monetary tightening leads to a significant and persistent increase in DSRs, with higher effective lending rates on the stock of debt outweighing a decline in the debt-to-income ratio. Moreover, the impact of monetary policy shocks on DSRs, as well as on economic activity, the price level, house prices and credit, turns out to be significantly larger in high-debt economies. These findings point to the existence of a debt service channel of monetary transmission.