TY  - UNPD
A1  - Temesvary, Judit
A1  - Ongena, Steven
A1  - Owen, Ann L.
T1  - A global lending channel unplugged? : does U.S. monetary policy affect cross‐border and affiliate lending by global U.S. banks?
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 511
N2  - We examine how U.S. monetary policy affects the international activities of U.S. Banks. We access a rarely studied US bank‐level dataset to assess at a quarterly frequency how changes in the U.S. Federal funds rate (before the crisis) and quantitative easing (after the onset of the crisis) affects changes in cross‐border claims by U.S. banks across countries, maturities and sectors, and also affects changes in claims by their foreign affiliates. We find robust evidence consistent with the existence of a potent global bank lending channel. In response to changes in U.S. monetary conditions, U.S. banks strongly adjust their cross‐border claims in both the pre and post‐crisis period. However, we also find that U.S. bank affiliate claims respond mainly to host country monetary conditions.
T3  - CFS working paper series - 511 
KW  - bank lending channel
KW  - monetary transmission
KW  - global banking
KW  - cross‐country analysis
Y1  - 2015
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/38281
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-382816
UR  - http://ssrn.com/abstract=2662457
IS  - August 2015
PB  - Center for Financial Studies
CY  - Frankfurt, M.
ER  -