This paper examines whether the increased use of macroprudential policies since the global financial crisis has affected the impact of (euro‐area and foreign) monetary policy on mortgage lending in Ireland and the Netherlands, which are both small open economies in the euro area. Using quarterly bank‐level data on domestic lending in both countries for 2003–2018, we find that restrictive euro‐area monetary policy shocks reduce the growth of mortgage lending. We find evidence that stricter domestic prudential regulation mitigates this effect in Ireland, but not so in the Netherlands. There is some weak evidence for an international bank lending channel that can be mitigated by stricter lender‐based domestic prudential regulation.

中文翻译：

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小型欧元区经济体的抵押贷款，货币政策和审慎措施：来自爱尔兰和荷兰的证据

本文研究了自全球金融危机以来对宏观审慎政策的更多使用是否影响了（欧元区和外国）货币政策对爱尔兰和荷兰的抵押贷款的影响，这两个国家都是欧元区的小开放经济体。使用这两个国家2003-2018年的季度国内银行贷款季度数据，我们发现限制性的欧元区货币政策冲击会降低抵押贷款的增长。我们发现有证据表明，更严格的国内审慎监管会减轻爱尔兰的这种影响，但不适用于荷兰。对于国际银行借贷渠道的证据不充分，可以通过更严格的基于贷方的国内审慎监管来缓解。