FOREIGN BANKS AND THE BANK LENDING CHANNEL
利用1998-2012年中东欧453家银行数据，发现只有国内银行会根据货币政策调整贷款，而外资银行不受影响，原因是外资银行存款对货币政策不敏感。
We provide new evidence on bank ownership and transmission of monetary policy using bank‐level data on 453 banks in Central and Eastern European economies between 1998 and 2012. Only domestic banks adjust loans to changes in monetary policy, while foreign banks do not. Conventional wisdom says that this is because foreign banks can rely on parent banks' funding to insulate against monetary policy shocks. In this paper we document an alternative explanation. Deposits in foreign banks do not react to monetary policy, hence the bank lending channel is only triggered in domestic banks.