A Multi-Country Study of Cross-Border Transmission of Monetary Policy by IBRN

Konstantin Styrin, New Economic School, Bank of Russia

Citation: Styrin, K. (2018). A Multi-Country Study of Cross-Border Transmission of Monetary Policy by IBRN. Russian Journal of Money and Finance, 77(2), pp. 81-94
doi: 10.31477/rjmf.201802.81

Abstract

This short report surveys main findings of a recent multi-country research effort within the IBRN network. 17 national teams used confidential supervisory bank-level data to study international transmission of monetary policy changes in systemic countries into bank lending to private non-financial borrowers worldwide. Two channels of transmission, the bank funding channel and asset rebalancing channel, are tested separately. The effect of monetary policy changes in the US on domestic lending is statistically significant in most specifications. The economic significance of the estimated effect is relatively higher for more financially open economies and emerging markets.

Keywords: monetary policy, international spillovers, cross-border transmission
JEL: E52, F34, G01, G21

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