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In lands of foreign currency credit, bank lending channels run through? : [the effects of monetary policy at home and abroad on the currency denomination of the supply of credit]
Ongena, Steven; Schindele, Ibolya; Vonnák, Dzsamila - 2014 - This draft: October, 2014
We analyze the differential impact of domestic and foreign monetary policy on the local supply of bank credit in … domestic and foreign currencies. We analyze a novel, supervisory dataset from Hungary that records all bank lending to firms … including its currency denomination. Accounting for time-varying firm-specific heterogeneity in loan demand, we find that a …
Persistent link: https://www.econbiz.de/10010411973
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The agency of CoCo : why do banks issue contingent convertible bonds?
Goncharenko, Roman; Ongena, Steven; Rauf, Asad - 2017
Why do banks issue contingent convertible debt? To answer this question we study comprehensive data covering all issues by publicly traded banks in Europe of contingent convertible bonds (CoCos) that count as additional tier 1 capital (AT1). We find that banks with lower asset volatility are...
Persistent link: https://www.econbiz.de/10011755934
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A global lending channel unplugged? : does U.S. monetary policy affect cross-border and affiliate lending by global U.S. banks?
Temesvary, Judit; Ongena, Steven; Owen, Ann L. - 2015
bank-level dataset to assess at a quarterly frequency how changes in the U.S. Federal funds rate (before the crisis) and … the existence of a potent global bank lending channel. In response to changes in U.S. monetary conditions, U.S. banks … strongly adjust their cross-border claims in both the pre and post-crisis period. However, we also find that U.S. bank …
Persistent link: https://www.econbiz.de/10011336667