Waseda Institute of Political Economy早稲田大学 現代政治経済研究所

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1月9日現政研セミナー(Jin Cao先生)のご案内 *RE: the WINPEC Seminar on January 9th.

 

※For English please scroll down.

 

 

1月9日(火)に行われます、現政研セミナーの日程、場所などにつきまして、リマインダーにてご案内申し上げます。

 

【日 時】1月9日(火)10:40~12:10

 

【場 所】早稲田大学 早稲田キャンパス3号館10階 第一会議室

 

【報告者】 Jin Cao 先生 (ノルウェー中央銀行)

 

【タイトル】

Financial Globalization and Bank Lending: The Limits of Domestic Monetary Policy? (with Valeriya Dinger, University of Osnabrück, Germany)

 

【概要】

We empirically analyze how bank lending reacts to monetary policy in the presence of global financial flows. Employing a unique and novel dataset of the funding modes and currency composition of the full population of Norwegian banks in structurally identified regressions, we show that the efficiency of the bank lending channel is affected when banks can shift to international funding and thus insulate their costs of funding from domestic monetary policy. We isolate the effect of global factors from domestic monetary policy by focusing on the deviation of exchange rates from the prediction of (uncovered and covered) interest rate parity. The Norwegian banking sectors represents an ideal laboratory since the exogenous exchange rate dynamics allows for a convincing identification of the relation between lending and global factors.

 

【招聘教員】 浜野 正樹 先生

 

【使用言語】 英語

 

 

現政研セミナーは広くみなさまにひらかれたセミナーです。

皆様の御参加をお待ちしております。

 

 

 

 

*English

 

This notice is friendly reminder for the Waseda Institute of Political Economy (WINPEC) Seminar on Jan. 9th.

 

【TIME】9th, January Tuesday, 10:40-12:10

 

【Venue】The meeting room (conference room) #1, BUILDING 3 – Floor 10.

 

【Presenter】Jin Cao  (Norges Bank)

 

【Title】Financial Globalization and Bank Lending: The Limits of Domestic Monetary Policy? (with Valeriya Dinger, University of Osnabrück, Germany)

 

【Abstract】

We empirically analyze how bank lending reacts to monetary policy in the presence of global financial flows. Employing a unique and novel dataset of the funding modes and currency composition of the full population of Norwegian banks in structurally identified regressions, we show that the efficiency of the bank lending channel is affected when banks can shift to international funding and thus insulate their costs of funding from domestic monetary policy. We isolate the effect of global factors from domestic monetary policy by focusing on the deviation of exchange rates from the prediction of (uncovered and covered) interest rate parity. The Norwegian banking sectors represents an ideal laboratory since the exogenous exchange rate dynamics allows for a convincing identification of the relation between lending and global factors.

 

【Organizer】Prof. Masashige HAMANO

 

 

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