This paper presents the main findings of an International Banking Research Network initiative examining the interaction between monetary policy and macroprudential policy in determining international bank lending. We give an overview on the data, empirical specifications and results of the seven papers from the initiative. The papers are from a range of core and smaller advanced economies, and emerging markets . The main findings are as follows. First, there is evidence that macroprudential policy in recipient countries can partly offset the spillover effects of monetary policy conducted in core countries. Meanwhile, domestic macroprudential policy in core countries can also affect the cross‐border transmission of domestic monetary policy via lending abroad, by limiting the increase in lending by less strongly capitalized banks. Second, the findings highlight that studying heterogeneities across banks provides complementary insights to studies using more aggregate data and focusing on average effects. In particular, we find that individual bank characteristics such as bank size or GSIB status play a first‐order role in the transmission of these policies. Finally, the impacts differ considerably across prudential policy instruments, which also suggests the importance of more granular analysis.

中文翻译：

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宏观审慎政策与货币政策之间的相互作用：概述

本文介绍了国际银行研究网络计划的主要发现，该计划检查了货币政策与宏观审慎政策在确定国际银行贷款方面的相互作用。我们对该计划的七篇论文的数据，经验指标和结果进行了概述。这些论文来自一系列核心和较小的发达经济体以及新兴市场。主要发现如下。首先，有证据表明，受援国的宏观审慎政策可以部分抵消核心国家实施的货币政策的溢出效应。同时，核心国家的国内宏观审慎政策还可以通过限制资本实力较弱的银行增加贷款来影响通过国外贷款进行的国内货币政策的跨境转移。第二，研究结果突出表明，研究银行间的异质性为使用更多汇总数据并关注平均效应的研究提供了补充见解。特别是，我们发现单个银行特征（例如银行规模或GSIB状态）在这些政策的传递中起着首要作用。最后，不同审慎政策工具的影响差异很大，这也表明了更精细分析的重要性。