Can Repatriation Tax Holidays Teach Us Something About Monetary Policy Transmission?
利用2004年遣返税收假期作为自然实验，研究银行借贷渠道，发现每额外遣返一美元导致贷款增加0.04美元，且完全由商业和工业贷款驱动。
Abstract I study the “bank lending channel” using the 2004 repatriation tax holiday as a natural experiment. I isolate the effect of the repatriated funds on loan supply by (i) comparing the differences in lending between multinational and domestic banks pre‐ and postrepatriation and (ii) using the change in cash holdings abroad as an instrument for the repatriated funds. My results support the existence of the “bank lending channel.” I document that each additional repatriated dollar led to an increase of $0.04 in lending, which is driven entirely by commercial and industrial loans.