International spillovers from US monetary policy: evidence from Asian bank-level data

We investigate spillovers from US monetary policy to bank lending in Asia. When Asian banks use funding denominated in US dollars and other currencies, a tightening of US monetary policy will contract bank loan supply via funding volumes/costs. Panel regressions demonstrate such effects on bank lend...

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Prif Awduron: Lee, S, Bowdler, C
Fformat: Journal article
Iaith:English
Cyhoeddwyd: Elsevier 2022
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author Lee, S
Bowdler, C
author_facet Lee, S
Bowdler, C
author_sort Lee, S
collection OXFORD
description We investigate spillovers from US monetary policy to bank lending in Asia. When Asian banks use funding denominated in US dollars and other currencies, a tightening of US monetary policy will contract bank loan supply via funding volumes/costs. Panel regressions demonstrate such effects on bank lending volumes and prices in Asia, holding constant local economic conditions. Supplementary results are not inconsistent with transmission channels via funding availability and funding costs. Our results extend work on the impact of US monetary policy on international inter-bank funding flows and are consistent with several of the implications from findings in that literature.
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spelling oxford-uuid:b76ac74c-d493-48a0-b3f6-a0a3cfefc41a2022-08-24T10:34:57ZInternational spillovers from US monetary policy: evidence from Asian bank-level dataJournal articlehttp://purl.org/coar/resource_type/c_dcae04bcuuid:b76ac74c-d493-48a0-b3f6-a0a3cfefc41aEnglishSymplectic ElementsElsevier2022Lee, SBowdler, CWe investigate spillovers from US monetary policy to bank lending in Asia. When Asian banks use funding denominated in US dollars and other currencies, a tightening of US monetary policy will contract bank loan supply via funding volumes/costs. Panel regressions demonstrate such effects on bank lending volumes and prices in Asia, holding constant local economic conditions. Supplementary results are not inconsistent with transmission channels via funding availability and funding costs. Our results extend work on the impact of US monetary policy on international inter-bank funding flows and are consistent with several of the implications from findings in that literature.
spellingShingle Lee, S
Bowdler, C
International spillovers from US monetary policy: evidence from Asian bank-level data
title International spillovers from US monetary policy: evidence from Asian bank-level data
title_full International spillovers from US monetary policy: evidence from Asian bank-level data
title_fullStr International spillovers from US monetary policy: evidence from Asian bank-level data
title_full_unstemmed International spillovers from US monetary policy: evidence from Asian bank-level data
title_short International spillovers from US monetary policy: evidence from Asian bank-level data
title_sort international spillovers from us monetary policy evidence from asian bank level data
work_keys_str_mv AT lees internationalspilloversfromusmonetarypolicyevidencefromasianbankleveldata
AT bowdlerc internationalspilloversfromusmonetarypolicyevidencefromasianbankleveldata