TY  - UNPD
A1  - Ongena, Steven
A1  - Schindele, Ibolya
A1  - Vonnák, Dzsamila
T1  - In lands of foreign currency credit, bank lending channels run through?
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 474
N2  - We analyze the differential impact of domestic and foreign monetary policy on the local supply of bank credit in domestic and foreign currencies. We analyze a novel, supervisory dataset from Hungary that records all bank lending to firms including its currency denomination. Accounting for time-varying firm-specific heterogeneity in loan demand, we find that a lower domestic interest rate expands the supply of credit in the domestic but not in the foreign currency. A lower foreign interest rate on the other hand expands lending by lowly versus highly capitalized banks relatively more in the foreign than in the domestic currency.
T3  - CFS working paper series - 474 
KW  - bank balance-sheet channel
KW  - monetary policy
KW  - foreign currency lending
Y1  - 2014
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/35106
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-351060
UR  - http://ssrn.com/abstract=2507688
IS  - This Draft: October, 2014
PB  - Center for Financial Studies
CY  - Frankfurt, M.
ER  -