Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/280351 
Erscheinungsjahr: 
2023
Schriftenreihe/Nr.: 
IWH Discussion Papers No. 26/2020
Versionsangabe: 
This version: December 11, 2023
Verlag: 
Halle Institute for Economic Research (IWH), Halle (Saale)
Zusammenfassung: 
This study investigates whether and how financial technologies (FinTech) influence the effectiveness of monetary policy transmission. We use an interacted panel vector autoregression model to explore how the effects of monetary policy shocks change with regional-level FinTech adoption. Results indicate that FinTech adoption generally mitigates the transmission of monetary policy to real GDP, consumer prices, bank loans, and housing prices, with the most significant impact observed in the weakened transmission to bank loan growth. The relaxed financial con straints, regulatory arbitrage, and intensified competition are the possible me chanisms underlying the mitigated transmission.
Schlagwörter: 
financial technology
interacted panel VAR
monetary policy
JEL: 
C32
E52
G21
G23
Dokumentart: 
Working Paper

Datei(en):
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