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دسته بندی:
بانکداری - Banking
سال انتشار:
2019
عنوان انگلیسی مقاله:
Financial institutions’ business models and the global transmission of monetary policy
ترجمه فارسی عنوان مقاله:
مدلهای تجاری موسسات مالی و انتقال جهانی سیاست های پولی
منبع:
Sciencedirect - Elsevier - Journal of International Money and Finance, 90 (2019) 99-117: doi:10:1016/j:jimonfin:2018:08:010
نویسنده:
Isabel Argimon a, Clemens Bonner b,d, Ricardo Correa c,⇑, Patty Duijm b, Jon Frost b,d,e, Jakob de Haan b,f,g, Leo de Haan b, Viktors Stebunov
چکیده انگلیسی:
Global financial institutions play an important role in channeling funds across countries
and, therefore, transmitting monetary policy from one country to another. In this paper,
we study whether such international transmission depends on financial institutions’ business
models. In particular, we use Dutch, Spanish, and U.S. confidential supervisory data to
test whether the transmission operates differently through banks, insurance companies,
and pension funds. We find marked heterogeneity in the transmission of monetary policy
across the three types of institutions, across the three banking systems, and across banks
within each banking system. While insurance companies and pension funds do not transmit
home-country monetary policy internationally, banks do, with the direction and
strength of the transmission determined by their business models and balance sheet
characteristic
Keywords: Monetary policy transmission | Global financial institutions | Bank lending channel | Portfolio channel | Business models
قیمت: رایگان
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