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Żochowski, Dawid [VerfasserIn]; Andreeva, Desislava [VerfasserIn]; Coman, Andra [VerfasserIn]; Everett, Mary [VerfasserIn]; Froemel, Maren [VerfasserIn]; Ho, Kelvin [VerfasserIn]; Lloyd, Simon [VerfasserIn]; Pedrono, Justine [VerfasserIn]; Reinhardt, Dennis [VerfasserIn]; Wong, Andrew [VerfasserIn]; Wong, T. C. [VerfasserIn]

Negative Rates, Monetary Policy Transmission and Cross-Border Lending Via International Financial Centres

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  • Medientyp: E-Book
  • Titel: Negative Rates, Monetary Policy Transmission and Cross-Border Lending Via International Financial Centres
  • Beteiligte: Żochowski, Dawid [VerfasserIn]; Andreeva, Desislava [VerfasserIn]; Coman, Andra [VerfasserIn]; Everett, Mary [VerfasserIn]; Froemel, Maren [VerfasserIn]; Ho, Kelvin [VerfasserIn]; Lloyd, Simon [VerfasserIn]; Pedrono, Justine [VerfasserIn]; Reinhardt, Dennis [VerfasserIn]; Wong, Andrew [VerfasserIn]; Wong, T. C. [VerfasserIn]
  • Erschienen: [S.l.]: SSRN, 2023
  • Erschienen in: ECB Working Paper ; No. 2023/2775
  • Umfang: 1 Online-Ressource (68 p)
  • Sprache: Englisch
  • DOI: 10.2139/ssrn.4351416
  • Identifikator:
  • Schlagwörter: bank lending ; cross-border lending ; International financial centres ; monetary policy ; negative interest rates ; risk-taking
  • Entstehung:
  • Anmerkungen: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments February, 2023 erstellt
  • 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
  • Zugangsstatus: Freier Zugang