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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)
New Economics Papers: this item is included in nep-cba, nep-eec, nep-knm, nep-mac, nep-mon and nep-opm
Date: 2018
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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) Downloads
Working Paper: International monetary policy spillovers through the bank funding channel (2018) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:bubdps:132018

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