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This article assesses the spillover effects of the United States’ unconventional monetary policy (i.e., quantitative easing programs adopted during 2008–2014) on the Asian credit market. Focusing on cross-border bank lending, we employed firm-level loan data with regard to the syndicated loan market and measured the international bank lending channel through changes in the United States dollar-denominated loans extended to Asian borrowers. We found that the growth of dollar credit in Asia increased substantially in response to the quantitative easing in the US financial market. The results of this study confirm the existence of the bank lending channel in Asia and emphasize the role of credit flows in transmitting financial conditions. The article also provides new evidence of cross-border liquidity spillover in the syndicated loan market. We found that the overall spillover effect was large but differed significantly in Asia by types of borrowing firms, financing purposes, and loan terms at different stages of the quantitative easing programs. [ABSTRACT FROM PUBLISHER]

This paper considers the existence of a bank lending channel in Chile. Toward that, we collect a data sample of nineteen banks that operated in Chile over January 1999-December 2002. In that period, banks primarily offered loans to firms in the manufacturing and the financial-services sectors (representing 13 and 26 percent of total loans, respectively), and to households through consumption and mortgage loans (at 9 and 10 percent of total loans, respectively). Our estimation results support the existence of a bank lending channel. We find that banks respond asymmetrically to monetary shocks depending upon their own characteristics, and that monetary shocks alter loan portfolio decisions in the aggregate. [ABSTRACT FROM AUTHOR]