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Substitution Between Domestic and Foreign Currency Loans in Central Europe. Do Central Banks Matter? (Brzoza-Brzezina M., Chmielewski T., Niedџwiedziсska J.)

Bank Lending Central Banks

Abstract In this paper we analyse the impact of monetary policy on total bank lending in the presence of a developed market for foreign currency denominated loans and potential substitutability between domestic and foreign currency loans. Our results, based on a panel of four biggest Central European countries (the Czech Republic, Hungary, Poland and Slovakia) confirm significant and probably strong substitution between these loans. Restrictive monetary policy leads to a decrease in domestic currency lending but simultaneously accelerates foreign currency denominated loans. This makes the central bank’s job harder.
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Libref/ Brzoza-Brzezina M., Chmielewski T., Niedџwiedziсska J. (2010) “Substitution Between Domestic and Foreign Currency Loans in Central Europe. Do Central Banks Matter?”, European Central Bank Working Paper No. 1187, pp. 1-38
© Программирование — Александр Красильников, 2008
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