발전기금
[경제학과] 6월 5일 BK 목요세미나 안내
- 진하은
- 2025-06-02
이번 주 6월 5일 목요일에 진행되는 BK 목요세미나 안내 드립니다.
- 일시: 2025년 6월 5일 (목) 16:30 - 17:45
- 장소: 경영관 33503호
- 발표자: 박종호 교수님 (숭실대학교)
- 장소: 경영관 33503호
- 발표자: 박종호 교수님 (숭실대학교)
- 주제: Transmission of U.S. Monetary Policy to Emerging Economy Corporate Bond Market
- Abstract: Motivated by the substantial increase in foreign debt among the corporate sectors of emerging market economies (EMEs), we investigate the causal effects of U.S. monetary policy on corporate borrowing costs and risk premiums in international financial markets. Analyzing daily changes in corporate bond yields and risk premiums around Federal Open Market Committee (FOMC) meetings, we focus on transmission channels related to financial market frictions. Our study reveals two key findings. First, corporate borrowing costs respond to forward guidance and large-scale asset purchases. This response is driven not only by changes in safe asset returns and sovereign risks due to U.S. monetary policy but also by changes in firm-specific corporate risk premiums. Second, the excess bond premium-which is orthogonal to firms' financial conditions-is affected by forward guidance and large-scale asset purchases, indicating the presence of the global investors' risk taking channel.