Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/153621
Authors: 
Brzoza-Brzezina, Michał
Chmielewski, Tomasz
Niedźwiedzińska, Joanna
Year of Publication: 
2010
Series/Report no.: 
ECB Working Paper 1187
Abstract: 
In this paper we analyse the impact of monetary policy on total bank lending in the presence of a developed market for foreign currency denominated loans and potential substitutability between domestic and foreign currency loans. Our results, based on a panel of four biggest Central European countries (the Czech Republic, Hungary, Poland and Slovakia) confirm significant and probably strong substitution between these loans. Restrictive monetary policy leads to a decrease in domestic currency lending but simultaneously accelerates foreign currency denominated loans. This makes the central bank’s job harder.
Subjects: 
Central Europe
Domestic and foreign currency loans
monetary policy
substitution
JEL: 
E44
E52
E58
Document Type: 
Working Paper

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