全球智库信息集成服务系统(G2TT): DP11796 Foreign Banks and International Transmission of Monetary Policy: Evidence from the Syndicated Loan Market

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP11796
	DP11796 Foreign Banks and International Transmission of Monetary Policy: Evidence from the Syndicated Loan Market
	Harry Huizinga; Asli Demirgüç-Kunt; Bálint Horváth
发表日期	2017-01-22
出版年	2017
语种	英语
摘要	This paper uses loan-level data from 124 countries over 1995–2015 to examine the transmission of monetary policy through the cross-border syndicated loan market. The results show that the expansion of monetary policy increases cross-border credit supply especially to weaker firms. However, greater foreign bank presence in the borrower country appears to reduce the potentially destabilizing impact of lower policy interest rates on cross-border lending, as it attenuates increases in loan volume and maturity while magnifying increases in collateralization and covenant use. The mitigating effect of foreign banking presence in the borrowing country on the transmission of monetary policy is robust to controlling for borrower-country economic and financial development, and a range of borrower and lender country policies and institutions, including the strength of bank regulation and supervision, exchange rate flexibility, and restrictions on capital flows. The findings qualify the characterization of international banks as sources of credit instability, and suggest that foreign bank entry can improve the stability of cross-border credit in the face of international monetary policy shocks.
主题	International Macroeconomics and Finance
关键词	Cross-border lending Monetary transmission Banking fdi Bank regulation Capital controls
URL	https://cepr.org/publications/dp11796
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/540608
推荐引用方式 GB/T 7714	Harry Huizinga,Asli Demirgüç-Kunt,Bálint Horváth. DP11796 Foreign Banks and International Transmission of Monetary Policy: Evidence from the Syndicated Loan Market. 2017.