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Contribution Details
| Type | Journal Article |
| Scope | Discipline-based scholarship |
| Title | A global lending channel unplugged? Does U.S. monetary policy affect cross-border and affiliate lending by global U.S. banks? |
| Organization Unit | |
| Authors |
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| Item Subtype | Original Work |
| Refereed | Yes |
| Status | Published in final form |
| Language |
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| Journal Title | Journal of International Economics |
| Publisher | Elsevier |
| Geographical Reach | international |
| ISSN | 0022-1996 |
| Volume | 112 |
| Page Range | 50 - 69 |
| Date | 2018 |
| Abstract Text | We examine how U.S. monetary policy affects the international activities of U.S. banks. We access a rarely studied U.S. bank-level regulatory dataset to assess at a quarterly frequency how changes in the U.S. Federal funds rate (before the crisis) and quantitative easing (after the onset of the crisis) affect changes in cross-border claims by U.S. banks across countries, maturities and sectors, and also affect changes in claims by their foreign affiliates. We find robust evidence consistent with the existence of a potent global bank lending channel. In response to changes in U.S. monetary conditions, U.S. banks strongly adjust their cross-border claims in both the pre- and post-crisis period. However, we also find that U.S. bank affiliate claims respond mainly to host country monetary conditions. |
| Digital Object Identifier | 10.1016/j.jinteco.2018.02.004 |
| Other Identification Number | merlin-id:16158 |
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