We show that currency networks in cross-border bank lending have a significant impact on the size, distribution, and direction of international monetary policy spillovers. Utilizing a novel dataset, we map the major currency networks in international banking and show that the US dollar dominates at the global level. Next, we provide evidence that during the 2013 Fed taper tantrum, the degree of exposure to US dollar lending had a significant impact on cross-border bank lending growth. Most notably, it had a strong negative impact on cross-border flows to emerging markets.

中文翻译：

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跨境银行贷款中的货币政策溢出和货币网络：2013年美联储锥度大发脾气的教训*

我们表明，跨境银行贷款中的货币网络对国际货币政策溢出的规模，分布和方向具有重大影响。利用新颖的数据集，我们在国际银行业务中绘制了主要的货币网络图，并表明美元在全球范围内占主导地位。接下来，我们提供的证据表明，在2013年美联储逐渐缩减大发脾气期间，美元贷款的敞口程度对跨境银行贷款增长产生了重大影响。最值得注意的是，这对流入新兴市场的跨境资金产生了严重的负面影响。