International monetary policy spillovers through the bank funding channel
Peter Lindner,
Axel Loeffler,
Esther Segalla,
Guzel Valitova and
Ursula Vogel
No 13/2018, Discussion Papers from Deutsche Bundesbank
Abstract:
In this paper, we examine the international transmission of monetary policies of major advanced economies (US, UK, euro area) through banks in Austria and Germany. In particular, we compare the role of banks' funding structure, broken down by country of origin as well as by currency denomination, in the international transmission of monetary policy changes to bank lending. We find weak evidence for inward spillovers. The more a bank is funded in US dollars, the more its domestic real sector lending is affected by monetary policy changes in the US. This effect is more pronounced in Germany than in Austria. We do not find evidence for outward spillovers of euro area monetary policy through a bank funding channel.
Keywords: monetary policy spillover; global banks; bank funding channel (search for similar items in EconPapers)
JEL-codes: E52 F33 G21 (search for similar items in EconPapers)
Date: 2018
New Economics Papers: this item is included in nep-cba, nep-eec, nep-knm, nep-mac, nep-mon and nep-opm
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (9)
Downloads: (external link)
https://www.econstor.eu/bitstream/10419/178680/1/1023097842.pdf (application/pdf)
Related works:
Journal Article: International monetary policy spillovers through the bank funding channel (2019) 
Working Paper: International monetary policy spillovers through the bank funding channel (2018) 
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:zbw:bubdps:132018
Access Statistics for this paper
More papers in Discussion Papers from Deutsche Bundesbank Contact information at EDIRC.
Bibliographic data for series maintained by ZBW - Leibniz Information Centre for Economics ().