Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/264813 
Year of Publication: 
2018
Series/Report no.: 
Working Paper No. 221
Publisher: 
Oesterreichische Nationalbank (OeNB), Vienna
Abstract: 
In this paper, we examine the international transmission of monetary policies of major advanced economies (US, UK, euro area) through banks in Austria and Germany. In particular, we compare the role of banks' funding structure, broken down by country of origin as well as by currency denomination, in the international transmission of monetary policy changes to bank lending. We find weak evidence for inward spillovers. The more a bank is funded in US dollars, the more its domestic real sector lending is affected by monetary policy changes in the US. This effect is more pronounced in Germany than in Austria. We do not find evidence for outward spillovers of euro area monetary policy through a bank funding channel.
Subjects: 
monetary policy spillover
global banks
bank funding channel
JEL: 
E52
F33
G21
Document Type: 
Working Paper

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