This paper explores the transmission of US monetary policy through US banks to emerging market economies (EMEs) and the role that stress tests play in this transmission. Data on US banks’ monthly commercial and industrial loan originations shows that: (a) US bank lending to EMEs was sensitive to domestic monetary policy changes during the zero‐lower bound period. (b) Effects of monetary easing were heterogeneous across banks and depended on banks’ stress test results, a proxy for their capital strength. Only banks that comfortably passed the stress tests issued more loans to EME borrowers. (c) Effects of monetary tightening were more similar across banks. (d) Banks shifted their lending to safer borrowers within EMEs in response to monetary easing, leaving the risk of their overall loan books unchanged. These results support the hypothesis that bank capital affects the transmission of easier monetary policy, including across borders. We conjecture that bank lending to EMEs during the zero‐lower bound period would have been even higher had the United States not introduced stress tests for their banks.

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美国压力测试对货币政策向新兴市场溢出的影响

本文探讨了美国货币政策通过美国银行向新兴市场经济体（EME）的传导以及压力测试在这种传导中的作用。美国银行每月商业和工业贷款来源的数据显示：（a）在零下限期间，美国银行向新兴市场经济体的贷款对国内货币政策的变化敏感。（b）货币宽松的影响在银行之间是不同的，并且取决于银行的压力测试结果，可以作为其资本实力的代表。只有通过压力测试的银行才能向EME借款人发放更多贷款。（c）银行收紧货币政策的影响更为相似。（d）为应对货币宽松，银行将其贷款转移给新兴市场经济体中较安全的借款人，从而使其整体贷款账目的风险保持不变。这些结果支持以下假设：银行资本会影响宽松的货币政策的传递，包括跨境传递。我们推测，如果美国不对其银行进行压力测试，那么在零下限期间向新兴市场经济体的银行贷款本来会更高。