A global lending channel unplugged? Does US monetary policy affect cross-border and affiliate lending by global US banks?

• 成果类型: Article
• 署名作者: Temesvary, Judit; Ongena, Steven; Owen, Ann L.
• 署名单位: Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Zurich; Swiss Finance Institute (SFI); KU Leuven; Centre for Economic Policy Research - UK; Hamilton College
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2018.02.004
• 发表日期: 2018
• 页码: 50-69
• 关键词: Bank lending channel; Monetary transmission; Global banking; Cross-country analysis

摘要

We examine how U.S. monetary policy affects the international activities of U.S. banks. We access a rarely studied U.S. bank-level regulatory dataset to assess at a quarterly frequency how changes in the U.S. Federal funds rate (before the crisis) and quantitative easing (after the onset of the crisis) affect changes in cross-border claims by U.S. banks across countries, maturities and sectors, and also affect changes in claims by their foreign affiliates. We find robust evidence consistent with the existence of a potent global bank lending channel. In response to changes in U.S. monetary conditions, U.S. banks strongly adjust their cross-border claims in both the pre- and post-crisis period. However, we also find that U.S. bank affiliate claims respond mainly to host country monetary conditions. Published by Elsevier B.V.