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Erscheinungsjahr: 
2023
Schriftenreihe/Nr.: 
BOFIT Discussion Papers No. 9/2023
Verlag: 
Bank of Finland, Bank of Finland Institute for Emerging Economies (BOFIT), Helsinki
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 borrowing constraints and thereby enlarges the response of banks' lending to monetary 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: 
Innovation
FinTech
Monetary Policy Transmission
Bank Lending Channel
JEL: 
E52
G21
G23
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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