New data sheds light on policy spillover channels – BIS paper
US dollar, euro and yen affect global funding conditions
New data published by the Bank for International Settlements (BIS) sheds light on the global transmission of monetary policy, a working paper published on December 29 by the BIS shows.
Előd Takáts of the BIS and Judit Temesvary of the US Federal Reserve draw on recent enhancements to the BIS international banking statistics to examine global funding flows denominated in US dollars, euros and yen.
Monetary shocks in each of these currencies affect cross-border lending flows, even between lenders
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