EconPapers    
Economics at your fingertips  
 

The International Transmission of Monetary Policy

Claudia Buch, Matthieu Bussiere (), Linda Goldberg () and Robert Hills ()

No 24454, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper presents the novel results from an internationally coordinated project by the International Banking Research Network (IBRN) on the cross-border transmission of conventional and unconventional monetary policy through banks. Teams from seventeen countries use confidential micro-banking data for the years 2000 through 2015 to explore the international transmission of monetary policies of the U.S., euro area, Japan, and United Kingdom. Two other studies use international data with different degrees of granularity. International spillovers into lending to the private sector do occur, especially for U.S. policies, and bank-specific heterogeneity influences the magnitudes of transmission. The effects are supportive of the international bank lending channel and the portfolio channel of monetary policy transmission. They also show that the frictions that banks face matter; in particular, foreign currency funding and hedging considerations can be a key source of heterogeneity. The forms of bank balance sheet heterogeneity that differentiate spillovers across banks are not uniform across countries. International spillovers into lending can be large for some banks, even while the average international spillovers of policies into nonbank lending generally are not large.

JEL-codes: E4 E5 F30 F4 G15 G21 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-ifn, nep-mac, nep-mon and nep-opm
Date: 2018-03
Note: IFM ME
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (23) Track citations by RSS feed

Published as Claudia M. Buch & Matthieu Bussiere & Linda Goldberg & Robert Hills, 2018. "The International Transmission of Monetary Policy," Journal of International Money and Finance, .

Downloads: (external link)
http://www.nber.org/papers/w24454.pdf (application/pdf)

Related works:
Journal Article: The international transmission of monetary policy (2019) Downloads
Working Paper: The international transmission of monetary policy (2018) Downloads
Working Paper: The International Transmission of Monetary Policy (2018) Downloads
Working Paper: The international transmission of monetary policy (2018) Downloads
Working Paper: The international transmission of monetary policy (2018) Downloads
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:nbr:nberwo:24454

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w24454

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().

 
Page updated 2019-10-07
Handle: RePEc:nbr:nberwo:24454