BoE paper sheds light on global policy transmission
Comparison of UK and Hong Kong based on bank-level data finds evidence of both portfolio and funding effects
A collaboration between the Bank of England and Hong Kong Monetary Authority has thrown new light on the question of how monetary policy spills across borders.
The international transmission of monetary policy through financial centres, by Robert Hills et al, compares how changes in major countries’ monetary policy impacts the UK and Hong Kong, using bank-level data to construct a network of exposures. This approach allows the authors to separate out portfolio rebalancing from funding channels
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