Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/119408 
Year of Publication: 
2015
Series/Report no.: 
CFS Working Paper Series No. 511
Publisher: 
Goethe University Frankfurt, Center for Financial Studies (CFS), Frankfurt a. M.
Abstract: 
We examine how U.S. monetary policy affects the international activities of U.S. Banks. We access a rarely studied US bank-level 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) affects changes in cross-border claims by U.S. banks across countries, maturities and sectors, and also affects 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
Subjects: 
bank lending channel
monetary transmission
global banking
cross-country analysis
JEL: 
E44
E52
F42
G15
G21
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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