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Erscheinungsjahr: 
2023
Schriftenreihe/Nr.: 
IWH Discussion Papers No. 14/2021
Versionsangabe: 
This version: 23.11.2023
Verlag: 
Halle Institute for Economic Research (IWH), Halle (Saale)
Zusammenfassung: 
This paper studies whether and how banks' technological innovations affect the bank lending channel of monetary policy transmission. We first provide a theoretical model in which banks' technological innovation relaxes firms' earning-based bor rowing constraints and thereby enlarges the response of banks' lending to mone tary policy changes. To test the empirical implications, we construct a patent-based measurement of bank-level technological innovation, which can specify the nature of technology and tell whether it is related to the bank's lending business. We find that lending-related innovations significantly strengthen the transmission of the bank lending channel.
Schlagwörter: 
bank lending channel
FinTech
innovation
monetary policy transmission
JEL: 
E52
G21
G23
Dokumentart: 
Working Paper

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