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Working Paper
Sustainable international monetary policy cooperation
Sunakawa, Takeki; Fujiwara, Ippei; Kam, Timothy (2015-04-01)
Globalization Institute Working Papers , Paper 234

Working Paper
Can Macroprudential Measures Make Cross-Border Lending More Resilient? Lessons from the Taper Tantrum
Takats, Elod; Temesvary, Judit (2017-12-18)
We study the effect of macroprudential measures on cross-border lending during the taper tantrum, which saw a strong slowdown of cross-border bank lending to some jurisdictions. We use a novel dataset combining the BIS Stage 1 enhanced banking statistics on bilateral cross-border lending flows with the IBRN?s macroprudential database. Our results suggest that macroprudential measures implemented in borrowers? host countries prior to the taper tantrum significantly reduced the negative effect of the tantrum on cross-border lending growth. The shock-mitigating effect of host country ...
Finance and Economics Discussion Series , Paper 2017-123

Working Paper
How does the interaction of macroprudential and monetary policies affect cross-border bank lending?
Takats, Elod; Temesvary, Judit (2019-06-21)
We combine a rarely accessed BIS database on bilateral cross-border lending flows with cross-country data on macroprudential regulations. We study the interaction between the monetary policy of major international currency issuers (USD, EUR and JPY) and macroprudential policies enacted in source (home) lending banking systems. We find significant interactions. Tighter macroprudential policy in a home country mitigates the impact on lending of monetary policy of a currency issuer. For instance, macroprudential tightening in the UK mitigates the negative impact of US monetary tightening on ...
Finance and Economics Discussion Series , Paper 2019-045

Working Paper
A Global Lending Channel Unplugged? Does U.S. Monetary Policy Affect Cross-border and Affiliate Lending by Global U.S. Banks?
Ongena, Steven; Temesvary, Judit; Owen, Ann L. (2018-02-02)
We examine how U.S. monetary policy affects the international activities of U.S. Banks. We access a rarely studied U.S. bank-level regulatory dataset to assess at a quarterly frequency how changes in the U.S. Federal funds rate (before the crisis) and quantitative easing (after the onset of the crisis) affects changes in cross-border claims by U.S. banks across countries, maturities and sectors, and also affects changes in claims by their foreign affiliates. We find robust evidence consistent with the existence of a potent global bank lending channel. In response to changes in U.S. monetary ...
Finance and Economics Discussion Series , Paper 2018-008

Working Paper
The Currency Dimension of the Bank Lending Channel in International Monetary Transmission
Takats, Elod; Temesvary, Judit (2017-01)
We investigate how the use of a currency transmits monetary policy shocks in the global banking system. We use newly available unique data on the bilateral cross-border lending flows of 27 BIS-reporting lending banking systems to over 50 borrowing countries, broken down by currency denomination (USD, EUR and JPY). We have three main findings. First, monetary shocks in a currency significantly affect cross-border lending flows in that currency, even when neither the lending banking system nor the borrowing country uses that currency as their own. Second, this transmission works mainly through ...
Finance and Economics Discussion Series , Paper 2017-001

Working Paper
Macroeconomic Policy Games
Bodenstein, Martin; Guerrieri, Luca; LaBriola, Joe (2014-09-23)
Strategic interactions between policymakers arise whenever each policymaker has distinct objectives. Deviating from full cooperation can result in large welfare losses. To facilitate the study of strategic interactions, we develop a toolbox that characterizes the welfare-maximizing cooperative Ramsey policies under full commitment and open-loop Nash games. Two examples for the use of our toolbox offer some novel results. The first example revisits the case of monetary policy coordination in a two-country model to confirm that our approach replicates well-known results in the literature and ...
Finance and Economics Discussion Series , Paper 2014-87

Working Paper
U.S. Unconventional Monetary Policy and Transmission to Emerging Market Economies
Londono, Juan M.; Bowman, David; Sapriza, Horacio (2014-06-23)
We investigate the effects of U.S. unconventional monetary policies on sovereign yields, foreign exchange rates, and stock prices in emerging market economies (EMEs), and we analyze how these effects depend on country-specifc characteristics. We find that, although EME asset prices, mainly those of sovereign bonds, responded strongly to unconventional monetary policy announcements, these responses were not outsized with respect to a model that takes into account each country's time-varying vulnerability to U.S. interest rates affected by monetary policy shocks.
International Finance Discussion Papers , Paper 1109

Working Paper
Risk Taking and Interest Rates : Evidence from Decades in the Global Syndicated Loan Market
Stebunovs, Viktors; Lee, Seung Jung; Liu, Lucy Qian (2017-01)
We study how low interest rates in the United States affect risk taking in the market for cross-border corporate loans. Because banks tend to originate these loans with intent to sell to nonbank investors, we examine risk taking by the broad financial system. To the extent that actions of the Federal Reserve affect U.S. interest rates, our analysis provides evidence of cross-border spillover effects of U.S. monetary policy and highlights the global lending and risk-taking channels. We find that movements in the U.S. interest rates have an important effect on ex-ante credit risk of ...
International Finance Discussion Papers , Paper 1188

Working Paper
The Elusive Gains from Nationally-Oriented Monetary Policy
Bodenstein, Martin; Corsetti, Giancarlo; Guerrieri, Luca (2020-02-25)
The consensus in the recent literature is that the gains from international monetary cooperation are negligible, and so are the costs of a breakdown in cooperation. However, when assessed conditionally on empirically-relevant dynamic developments of the economy, the welfare cost of moving away from regimes of explicit or implicit cooperation may rise to multiple times the cost of economic fluctuations. In economies with incomplete markets, the incentives to act non-cooperatively are driven by the emergence of global imbalances, i.e., large net-foreign-asset positions; and, in economies with ...
International Finance Discussion Papers , Paper 1271

Working Paper
Risk-Taking Spillovers of U.S. Monetary Policy in the Global Market for U.S. Dollar Corporate Loans
Lee, Seung Jung; Liu, Lucy Qian; Stebunovs, Viktors (2019-07-23)
We study the effects of U.S. interest rates and other factors on risk-taking in the global market for U.S. dollar syndicated term loans. We find that, before the Global Financial Crisis, both U.S. and non-U.S. lenders originated ex ante riskier loans to non-U.S. borrowers in response to a decline in short-term U.S. interest rates and, after the crisis, in response to a decline in longer-term U.S. interest rates. After the crisis, this behavior was more prominent for shadow banks and less prominent for banks with relatively low capital. Separately, before the crisis, lenders originated less ...
International Finance Discussion Papers , Paper 1251

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