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The ECB's QE and euro cross-border bank lending

Stefan Avdjiev (), Agnė Subelytė and Elod Takats

BIS Quarterly Review, 2016

Abstract: There is growing evidence that the currency distribution of cross-border credit affects international monetary policy spillovers. While the existing literature has concentrated primarily on the US dollar, this article focuses on the euro. We find that the ECB's quantitative easing of January 2015 had a larger positive impact on cross-border bank credit in lender-borrower pairs with a higher share of euro-denominated bank claims. The effect was especially pronounced for lending to advanced economies outside the euro area. By contrast, the estimated effects on cross-border lending to EME borrowers were insignificant.

Date: 2016
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