The Effect of Unconventional Monetary Policy on Cross-Border Bank Loans: Evidence from an Emerging Market

被引：8

作者：

Alper, Koray ^{[1
]}

Altunok, Fatih ^{[2
]}

Capacioglu, Tanju ^{[2
]}

Ongena, Steven ^{[3
,4
,5
]}

机构：

[1] European Investment Bank, Kirchberg, Luxembourg

[2] Cent Bank Republ Turkey, Istanbul, Turkey

[3] Univ Zurich, Swiss Finance Inst, Zurich, Switzerland

[4] Katholieke Univ Leuven, Leuven, Belgium

[5] CEPR, London, England

来源：

EUROPEAN ECONOMIC REVIEW | 2020年 / 127卷

关键词：

Bank lending channel; Bank borrowing channel; Monetary transmission; Quantitative easing (QE); Cross-border bank loans; Micro-level data; Capital requirements; Financial de-globalization; LIQUIDITY SHOCKS EVIDENCE; INTERNATIONAL TRANSMISSION; LENDING CHANNEL; GLOBAL BANKS; RISK-TAKING; CRISIS; IMPACT; FUNDS; RATES; SAY;

D O I：

10.1016/j.euroecorev.2020.103426

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We analyze the impact of quantitative easing by the Federal Reserve, European Central Bank and Bank of England on cross-border credit flows. Relying on comprehensive loan-level data, we find that Fed QE strongly boosts cross-border credit granted to Turkish banks by banks located in the US, Euro Area and UK, while ECB and BoE QEs work only moderately through banks in the EA and UK, respectively. In general QE works at short maturities across bank locations and loan currencies, more strongly for weaker lenders and borrowers, and may have resulted in maturity mismatches in Turkish banks searching for yield. (99 words) (C) 2020 Elsevier B.V. All rights reserved.

引用

页数：35

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