Financial technologies and the effectiveness of monetary policy transmission

被引：3
|
作者：
Hasan, Iftekhar [1 ,2 ,3 ,10 ]
Kwak, Boreum [4 ,9 ]
Li, Xiang [5 ,6 ,7 ,8 ,11 ]
机构：
[1] Fordham Univ, Fordham, NY USA
[2] Bank Finland, Helsinki, Finland
[3] Univ Sydney, Sydney, Australia
[4] Bank Korea, Seoul, South Korea
[5] Halle Inst Econ Res, Halle, Germany
[6] Martin Luther Univ Halle Wittenberg, Wittenberg, Germany
[7] Peking Univ, China Ctr Econ Res, Natl Sch Dev, Beijing, Peoples R China
[8] Peking Univ, Inst Digital Finance, Beijing, Peoples R China
[9] 39 Namdaemun Ro, Seoul 04531, South Korea
[10] 45 Columbus Ave, New York, NY 10023 USA
[11] Kleine Maekerstr 8, D-06108 Halle, Saale, Germany
来源：
EUROPEAN ECONOMIC REVIEW | 2024年 / 161卷
关键词：
Monetary policy; Financial technology; Interacted panel VAR; SHADOW BANKING; FINTECH; INFERENCE; CHANNEL; CYCLES; SHOCKS;
D O I：
10.1016/j.euroecorev.2023.104650
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This study investigates whether and how financial technologies (FinTech) influence the effectiveness of monetary policy transmission. We use an interacted panel vector autoregression model to explore how the effects of monetary policy shocks change with regional-level FinTech adoption. Results indicate that FinTech adoption generally mitigates the transmission of monetary policy to real GDP, consumer prices, bank loans, and housing prices, with the most significant impact observed in the weakened transmission to bank loan growth. The relaxed financial constraints, regulatory arbitrage, and intensified competition are the possible mechanisms underlying the mitigated transmission.
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页数：21
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