Negative rates, monetary policy transmission and cross-border lending via international financial centres

Medientyp: E-Book

Titel: Negative rates, monetary policy transmission and cross-border lending via international financial centres

Beteiligte: Andreeva, Desislava Č. [Verfasser:in]; Coman, Andra [Verfasser:in]; Everett, Mary [Verfasser:in]; Froemel, Maren [Verfasser:in]; Ho, Kelvin [Verfasser:in]; Lloyd, Simon [Verfasser:in]; Meunier, Baptiste [Verfasser:in]; Pedrono, Justine [Verfasser:in]; Reinhardt, Dennis [Verfasser:in]; Wong, Andrew [Verfasser:in]; Wong, Eric [Verfasser:in]; Żochowski, Dawid [Verfasser:in]

Erschienen: Frankfurt am Main, Germany: European Central Bank, [2023]

Umfang: 1 Online-Ressource (circa 68 Seiten); Illustrationen

Sprache: Englisch

DOI: 10.2866/350963

ISBN: 9789289955171

Identifikator:

Schlagwörter: Bank lending ; Cross-border lending ; International financial centres ; Monetary policy ; Negative interest rates ; Risk-taking ; Graue Literatur

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Beschreibung: We study the effects of negative interest rate policies (NIRP) on the transmission of monetary policy through cross-border lending. Using bank-level data from international financial centres - the United Kingdom, Hong Kong and Ireland - we examine how NIRP in the economies where banks have their headquarters influences cross-border lending from financial-centre affiliates. We find that NIRP impairs the bank-lending channel for cross-border lending to non-bank sectors, especially for those banks that have only a weak deposit base in IFCs - and are thus relatively more exposed to NIRP in their headquarters. Using euro-area data, including bank-level data from France, we find that NIRP does not influence overall cross-border lending from banks' headquarters' economies, but NIRP does impair lending to financial sectors based in IFCs. This impairment is stronger for banks with a large deposit base in headquarter economies exposed to NIRP.

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