| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22307 |
| 来源ID | Working Paper 22307 |
| The Spillovers, Interactions, and (Un)Intended Consequences of Monetary and Regulatory Policies | |
| Kristin Forbes; Dennis Reinhardt; Tomasz Wieladek | |
| 发表日期 | 2016-06-06 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Have bank regulatory policies and unconventional monetary policies—and any possible interactions—been a factor behind the recent “deglobalisation” in cross-border bank lending? To test this hypothesis, we use bank-level data from the UK—a country at the heart of the global financial system. Our results suggest that increases in microprudential capital requirements tend to reduce international bank lending and some forms of unconventional monetary policy can amplify this effect. Specifically, the UK’s Funding for Lending Scheme (FLS) significantly amplified the effects of increased capital requirements on cross-border lending. Quantitative easing did not appear to have a similar effect. We find that this interaction between microprudential regulations and the FLS can explain roughly 30% of the contraction in aggregate UK cross-border bank lending between mid-2012 and end-2013, corresponding to around 10% of the global contraction in cross-border lending. This suggests that unconventional monetary policy designed to support domestic lending can have the unintended consequence of reducing foreign lending. |
| 主题 | Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w22307 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/579980 |
| 推荐引用方式 GB/T 7714 | Kristin Forbes,Dennis Reinhardt,Tomasz Wieladek. The Spillovers, Interactions, and (Un)Intended Consequences of Monetary and Regulatory Policies. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22307.pdf（657KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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