International spillovers of monetary policy: Evidence from France and Italy

Arbeitspapier

In this paper we provide empirical evidence on the impact of US and UK monetary policy changes on credit supply of banks operating in Italy and France over the period 2000-2015, exploring the existence of an international bank lending channel based on the reliance on funding sources located in these two countries or denominated in their currency. We find that US monetary policy tightening leads to a reduction of lending to the domestic economy in both France and Italy, and this is mainly driven by banks that relied more intensely on USD funding markets. Conversely, we find that both French and Italian banks are isolated from UK monetary policy shocks, as most of their UK funding is denominated in Euro, despite being larger than funding from the US.

Angaben zum Objekt

• ISBN: 978-92-899-3321-6
• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: ECB Working Paper ; No. 2216

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Money Supply; Credit; Money Multipliers ; International Finance: General ; International Policy Coordination and Transmission ; Financial Institutions and Services: General
• Thema: bank lending channel ; foreign funding ; global banks

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Schmidt, Julia ; Caccavaio, Marianna ; Carpinelli, Luisa ; Marinelli, Giuseppe
• Ereignis: Veröffentlichung
• (wer): European Central Bank (ECB)
• (wo): Frankfurt a. M.
• (wann): 2018

Weitere Informationen

• DOI: doi:10.2866/23660
• Handle: http://hdl.handle.net/10419/208250
• Letzte Aktualisierung: 10.03.2025, 11:42 MEZ