A global lending channel unplugged? : does U.S. monetary policy affect cross‐border and affiliate lending by global U.S. banks?
- 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.
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| Verfasserangaben: | Judit Temesvary, Steven OngenaORCiDGND, Ann L. Owen |
|---|---|
| URN: | urn:nbn:de:hebis:30:3-382816 |
| URL: | http://ssrn.com/abstract=2662457 |
| DOI: | https://doi.org/10.2139/ssrn.2662457 |
| Titel des übergeordneten Werkes (Englisch): | Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 511 |
| Schriftenreihe (Bandnummer): | CFS working paper series (511) |
| Verlag: | Center for Financial Studies |
| Verlagsort: | Frankfurt, M. |
| Dokumentart: | Arbeitspapier |
| Sprache: | Englisch |
| Datum der Veröffentlichung (online): | 19.09.2015 |
| Datum der Erstveröffentlichung: | 19.09.2015 |
| Veröffentlichende Institution: | Universitätsbibliothek Johann Christian Senckenberg |
| Datum der Freischaltung: | 08.10.2015 |
| Freies Schlagwort / Tag: | bank lending channel; cross‐country analysis; global banking; monetary transmission |
| Ausgabe / Heft: | August 2015 |
| Seitenzahl: | 45 |
| HeBIS-PPN: | 366777807 |
| Institute: | Wirtschaftswissenschaften / Wirtschaftswissenschaften |
| Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS) | |
| DDC-Klassifikation: | 3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft |
| Sammlungen: | Universitätspublikationen |
| Lizenz (Deutsch): |  Deutsches Urheberrecht |
