We combine a rarely accessed BIS database on cross-border lending flows with cross-country data on macroprudential regulations. We find significant interactions between the monetary policy of major international currency issuers (USD, EUR and JPY) and macroprudential policies in source (home) lending banking systems. Consistent with the bank lending channel, macroprudential easing in a home country amplifies the effect of currency issuers' monetary policy on lending. For instance, UK macroprudential easing amplifies the negative impact of US monetary policy tightening on USD-denominated cross-border bank lending outflows from UK banks. Vice versa, tighter macroprudential policy mitigates these effects.

我们将很少访问的 BIS 跨境贷款流量数据库与宏观审慎监管的跨国数据相结合。我们发现主要国际货币发行人（美元、欧元和日元）的货币政策与来源（国内）贷款银行系统的宏观审慎政策之间存在显着的相互作用。与银行放贷渠道一致，母国的宏观审慎宽松放大了货币发行人货币政策对放贷的影响。例如，英国宏观审慎宽松放大了美国收紧货币政策对英国银行以美元计价的跨境银行贷款流出的负面影响。反之亦然，更严格的宏观审慎政策会减轻这些影响。