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International Lending of Dutch Insurers and Pension Funds: the Impact of ECB Monetary Policy and Prudential Policies in the Host Country

Jon Frost (), Patty Duijm (), Clemens Bonner, Leo de Haan () and Jakob de Haan ()
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Clemens Bonner: De Nederlandsche Bank

Open Economies Review, 2019, vol. 30, issue 3, No 2, 445-456

Abstract: Abstract We analyze the relationship between ECB monetary policy and prudential policies in the host country and international lending by Dutch insurers and pension funds, using confidential institution-specific data. Our results suggest that insurers and pension funds do not significantly change their foreign lending in response to ECB policy changes, proxied by a shadow rate capturing both conventional and unconventional monetary policies. However, our findings suggest that these financial institutions do increase foreign lending when banks in the host country are more constrained by prudential regulation, pointing to a substitution effect from banks to non-banks.

Keywords: Monetary policy; Prudential policy; Pension funds; Insurance companies; Spillovers (search for similar items in EconPapers)
JEL-codes: F42 F44 G15 G22 G23 (search for similar items in EconPapers)
Date: 2019
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Working Paper: Spillovers of monetary policy across borders: International lending of Dutch banks, insurers and pension funds (2018) Downloads
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DOI: 10.1007/s11079-019-09531-z

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