The transmission of monetary policy to credit aggregates and the real economy can be impaired by weaknesses in the contracting environment, shallow financial markets, and a concentrated banking system. We empirically assess the bank lending channel in Uganda during 2010–2014 using a supervisory dataset of loan applications and granted loans. Our analysis focuses on a short period during which the policy rate rose by 1,000 basis points and then came down by 1,200 basis points. We find that an increase in interest rates reduces the supply of bank credit both on the extensive and intensive margins, and there is significant pass-through to retail lending rates. We document a strong bank balance sheet channel, as the lending behavior of banks with high capital and liquidity is different from that of banks with low capital and liquidity. Finally, we show the impact of monetary policy on real activity across districts depends on banking sector conditions. Overall, our results indicate significant real effects of the bank lending channel in developing countries.
Carefully selected examples from texts and dialects of the whole Phoenician-Punic period bring to life the grammatical description of this language. Included are fully vocalized Punic and Neo-Punic inscriptions of Roman Tripolitiana in Latin orthography as well as the literary fragments of Punic drama as found in Plautus' comedy Poenulus. This classical descriptive grammar of the Phoenician-Punic language (1200 BCE - 350 CE) presents the reader with a full picture: its phonology, orthography, morphology, syntax and usage. Its history and its various dialects are dealt with in an introduction. Hebraists and Semitists will find the description of the verbal system of particular interest to them, especially that of the literary language, which holds that tense and aspect reference of a given form of the verb is largely a function of syntax, not morphology. Much of this grammatical material is presented here for the first time.
The transmission of monetary policy to credit aggregates and the real economy can be impaired by weaknesses in the contracting environment, shallow financial markets, and a concentrated banking system. We empirically assess the bank lending channel in Uganda during 2010–2014 using a supervisory dataset of loan applications and granted loans. Our analysis focuses on a short period during which the policy rate rose by 1,000 basis points and then came down by 1,200 basis points. We find that an increase in interest rates reduces the supply of bank credit both on the extensive and intensive margins, and there is significant pass-through to retail lending rates. We document a strong bank balance sheet channel, as the lending behavior of banks with high capital and liquidity is different from that of banks with low capital and liquidity. Finally, we show the impact of monetary policy on real activity across districts depends on banking sector conditions. Overall, our results indicate significant real effects of the bank lending channel in developing countries.
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