Arbeitspapier

Financial technologies and the effectiveness of monetary policy transmission

This study investigates whether and how financial technologies (FinTech) influence the effectiveness of monetary policy transmission. We use an interacted panel vector autoregression model to explore how the effects of monetary policy shocks change with regional-level FinTech adoption. Results indicate that FinTech adoption generally mitigates the transmission of monetary policy to real GDP, consumer prices, bank loans, and housing prices, with the most significant impact observed in the weakened transmission to bank loan growth. The relaxed financial con straints, regulatory arbitrage, and intensified competition are the possible me chanisms underlying the mitigated transmission.

Sprache
Englisch

Erschienen in
Series: IWH Discussion Papers ; No. 26/2020

Klassifikation
Wirtschaft
Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
Monetary Policy
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors
Thema
financial technology
interacted panel VAR
monetary policy

Ereignis
Geistige Schöpfung
(wer)
Hasan, Iftekhar
Kwak, Boreum
Li, Xiang
Ereignis
Veröffentlichung
(wer)
Halle Institute for Economic Research (IWH)
(wo)
Halle (Saale)
(wann)
2023

Handle
Letzte Aktualisierung
10.03.2025, 11:43 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Hasan, Iftekhar
  • Kwak, Boreum
  • Li, Xiang
  • Halle Institute for Economic Research (IWH)

Entstanden

  • 2023

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