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Spillovers of monetary policy across borders: International lending of Dutch banks, insurers and pension funds

Jon Frost (), Patty Duijm (), Clemens Bonner, Leo de Haan () and Jakob de Haan ()

DNB Working Papers from Netherlands Central Bank, Research Department

Abstract: We analyze the relationship between ECB monetary policy and international lending by Dutch financial institutions. Our results suggest that banks hardly change their foreign lending in response to policy changes. We find some evidence in support of the portfolio channel (in response to a contractionary shock, better capitalized banks increase their foreign lending less than banks with lower capital) and the bank lending channel (larger banks lend more after a contractionary shock than small banks). Insurers and pension funds do not respond to ECB monetary policy, but increase lending when banks in the host country are constrained by prudential regulation.

Keywords: Monetary policy; international banking; pension funds; insurers; spillovers (search for similar items in EconPapers)
JEL-codes: F42 F44 G15 G21 (search for similar items in EconPapers)
Date: 2018-10
New Economics Papers: this item is included in nep-cba, nep-eec and nep-mon
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Journal Article: International Lending of Dutch Insurers and Pension Funds: the Impact of ECB Monetary Policy and Prudential Policies in the Host Country (2019) Downloads
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