Arbeitspapier
The spillovers, interactions, and (un)intended consequences of monetary and regulatory policies
Have bank regulatory policies and unconventional monetary policies - and any possible interactions - been a factor behind the recent "deglobalisation" in cross-border bank lending? To test this hypothesis, we use bank-level data from the United Kingdom - a country at the heart of the global financial system. Our results suggest that increases in microprudential capital requirements tend to reduce international bank lending and some forms of unconventional monetary policy can amplify this effect. Specifically, the United Kingdom's Funding for Lending Scheme (FLS) significantly amplified the effects of increased capital requirements on external lending. Quantitative easing may also have had an amplification effect, but these estimates are usually insignificant and smaller in magnitude. We find that this interaction between microprudential regulations and the FLS can explain roughly 30% of the contraction in aggregate UK cross-border bank lending between mid-2012 and end-2013, corresponding to around 10% of the contraction globally. This suggests that unconventional monetary policy designed to support domestic lending can have the unintended consequence of reducing foreign lending.
- Sprache
-
Englisch
- Erschienen in
-
Series: External MPC Unit Discussion Paper ; No. 44
- Klassifikation
-
Wirtschaft
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
Financial Institutions and Services: Government Policy and Regulation
- Thema
-
Capital requirements
Funding for Lending Scheme
financial deglobalisation
Bankenregulierung
Quantitative Lockerung
Geldpolitik
Wirkungsanalyse
Internationaler Kredit
Großbritannien
Spillover-Effekt
Internationaler Finanzmarkt
Welt
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Forbes, Kristin
Reinhardt, Dennis
Wieladek, Tomasz
- Ereignis
-
Veröffentlichung
- (wer)
-
Bank of England, External Monetary Policy Committee Unit
- (wo)
-
London
- (wann)
-
2016
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Forbes, Kristin
- Reinhardt, Dennis
- Wieladek, Tomasz
- Bank of England, External Monetary Policy Committee Unit
Entstanden
- 2016
Ähnliche Objekte (12)
Intended and unintended knowledge spillovers in innovation
Intended and unintended knowledge spillovers in innovation
Intended and Unintended Consequences of Birthright Citizenship
The Intended and Unintended Consequences of Taxing Waste
Intended and unintended consequences of mandatory IFRS adoption
Intended and Unintended Consequences of Atmospheric Methane Oxidation Enhancement
(Un)intended spillovers of green government policies: The case of plastic regulations
The intended and unintended consequences of performance monitoring in colonoscopy
(Un)intended consequences of networking on individual and network-level efficiency
Unintended Consequences?
Lowering Welfare Benefits: Intended and Unintended Consequences for Migrants and their Families
The intended and unintended consequences of financial-market regulations: A general equilibrium analysis
Intended and unintended knowledge spillovers in innovation
Intended and unintended knowledge spillovers in innovation
Intended and Unintended Consequences of Birthright Citizenship
The Intended and Unintended Consequences of Taxing Waste
Intended and unintended consequences of mandatory IFRS adoption
Intended and Unintended Consequences of Atmospheric Methane Oxidation Enhancement
(Un)intended spillovers of green government policies: The case of plastic regulations
The intended and unintended consequences of performance monitoring in colonoscopy
(Un)intended consequences of networking on individual and network-level efficiency
Unintended Consequences?
Lowering Welfare Benefits: Intended and Unintended Consequences for Migrants and their Families
The intended and unintended consequences of financial-market regulations: A general equilibrium analysis
Intended and unintended knowledge spillovers in innovation
Intended and unintended knowledge spillovers in innovation
Intended and Unintended Consequences of Birthright Citizenship
The Intended and Unintended Consequences of Taxing Waste
Intended and unintended consequences of mandatory IFRS adoption
Intended and Unintended Consequences of Atmospheric Methane Oxidation Enhancement
(Un)intended spillovers of green government policies: The case of plastic regulations
The intended and unintended consequences of performance monitoring in colonoscopy
(Un)intended consequences of networking on individual and network-level efficiency
Unintended Consequences?
Lowering Welfare Benefits: Intended and Unintended Consequences for Migrants and their Families