International transmission of monetary policy shocks and the bank lending channel: Evidence from Australia

IF 6.1 2区 经济学 Q1 BUSINESS, FINANCE
Hamid Yahyaei, Abhay Singh, Tom Smith
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引用次数: 0

Abstract

We examine the transmission of international monetary policy shocks via the bank lending channel. Exploiting a panel of regulatory data on foreign banks operating in Australia, we show that the supply of credit is vulnerable to the international pass-through of monetary policy, with banks headquartered in Asia demonstrating high elasticity. Household and non-financial corporate loans are the most susceptible channels to policy shocks, while higher-margin lending, non-lending assets, and reservable liabilities are insensitive. We demonstrate that although banks curtail lending in the face of tighter monetary policy, they increase their non-reservable borrowing, suggesting an increased reliance on capital markets. Finally, we show that unconventional monetary policies have a muted effect compared to traditional measures.
货币政策冲击的国际传播与银行贷款渠道:澳大利亚的证据
我们研究了国际货币政策冲击通过银行贷款渠道的传导。利用在澳大利亚经营的外资银行的监管数据面板,我们发现信贷供应易受货币政策的国际传递影响,总部设在亚洲的银行表现出较高的弹性。家庭贷款和非金融企业贷款是最容易受政策冲击影响的渠道,而利润率较高的贷款、非贷款资产和可储备负债则不敏感。我们证明,虽然银行在面对紧缩货币政策时会减少贷款,但它们会增加非储备性借贷,这表明它们对资本市场的依赖性增加了。最后,我们表明,与传统措施相比,非常规货币政策的效果并不明显。
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来源期刊
CiteScore
7.70
自引率
9.30%
发文量
78
审稿时长
34 days
期刊介绍: The Journal of Financial Stability provides an international forum for rigorous theoretical and empirical macro and micro economic and financial analysis of the causes, management, resolution and preventions of financial crises, including banking, securities market, payments and currency crises. The primary focus is on applied research that would be useful in affecting public policy with respect to financial stability. Thus, the Journal seeks to promote interaction among researchers, policy-makers and practitioners to identify potential risks to financial stability and develop means for preventing, mitigating or managing these risks both within and across countries.
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