Financial Globalization and Bank Lending: The Limits of Domestic Monetary Policy
利用小型开放经济体的银行层面数据，研究发现全球融资条件会削弱国内货币政策对银行贷款规模和风险的影响，本币升值带来的有利全球融资条件促使银行增加贷款、提高杠杆并承担更多风险，从而抵消国内紧缩性货币政策的效果。
Abstract Exploring bank-level data from a small open economy, we present evidence that global funding conditions limit the effectiveness of domestic monetary policy in terms of shaping both the volume and the riskiness of bank lending. We show that more favorable global funding conditions associated with a local currency appreciation encourage banks to increase lending, leverage up, take more risks, and thus insulate themselves from lean-against-the-wind domestic monetary policy. These results support the existence of a risk-taking channel of currency appreciation at the bank level.