We study the impact of monetary policy on the supply of bank credit when bank lending is denominated in foreign currencies. Accessing a comprehensive supervisory dataset from Hungary, we find that the supply of bank credit in a foreign currency is less sensitive to changes in domestic monetary conditions than the equivalent supply in the domestic currency. Changes in foreign monetary conditions similarly affect bank lending more in the foreign than in the domestic currency. Hence when banks lend in multiple currencies the domestic bank lending channel is weakened and international bank lending channels become operational.

中文翻译：

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在外币信贷领域，银行借贷渠道贯穿吗？

当银行借贷以外币计价时，我们研究了货币政策对银行信贷供应的影响。通过访问匈牙利的综合监管数据集，我们发现，外币银行信贷的供给对本国货币状况的变化的敏感性低于本国货币的等价供给。外国货币条件的变化对外国银行贷款的影响比对本国货币的影响更大。因此，当银行以多种货币进行借贷时，国内银行借贷渠道被削弱，国际银行借贷渠道开始运作。