中文摘要
我提出并检验了一个新渠道，抵补利率平价（CIP）偏离能通过该渠道影响新兴经济体的银行信贷。我认为，当CIP偏离存在时，银行会试图对其进行套利。为此，银行必须借入特定货币。当该货币稀缺时，银行以套利所需货币发放的信贷减少，而它们将该货币用于套利活动。我利用秘鲁银行套利CIP偏离能力的差异来检验该渠道。我发现了支持所提渠道的证据。（JEL F31, G01, G13, G21, O16）
Abstract
I propose and test a new channel through which covered interest rate parity (CIP) deviations can affect bank lending in emerging economies. I argue that when CIP deviations exist, banks attempt to arbitrage them. To do so, banks must borrow in a particular currency. When this currency is scarce, bank lending in the currency required to arbitrage decreases, while they use this currency in their arbitrage activities. I test this channel by exploiting differences in the abilities of Peruvian banks to arbitrage CIP deviations. I find evidence that supports the proposed channel. (JEL F31, G01, G13, G21, O16)