We propose a novel way, based on the liability composition of banks and firms, to identify a shock to the supply of foreign funds to banks, and investigate its dynamic effects on bank lending to firms, output, and prices. We find that the increase in the supply of foreign funds to banks generates a strong and persistent increase in lending and output, while prices increase with a delay. Shocks to the supply of foreign funds to banks are also an important driver of business cycles, bank lending, and the co-movement between bank loans and output. When we distinguish between the behaviour of domestic and foreign-owned banks, we find that foreign-owned banks are slower in passing the increase in foreign funding to firms.

我们基于银行和企业的负债构成，提出一种新颖的方法，确定对银行的外国资金供应的冲击，并研究其对银行对企业贷款，产出和价格的动态影响。我们发现，向银行提供的外国资金的增加会导致贷款和产出的强劲而持续的增长，而价格却会有所延迟。外国对银行的资金供应冲击也是商业周期，银行贷款以及银行贷款与产出之间共同变动的重要驱动力。当我们区分内资和外资银行的行为时，我们发现外资银行将外国资金的增加转嫁给公司的速度较慢。