International spillovers from US monetary policy: Evidence from Asian bank-level data

We investigate spillovers from US monetary policy to bank lending in Asia. When Asian banks use funding denominated dollars and other currencies, a tightening of will contract loan supply via volumes/costs. Panel regressions demonstrate such effects on volumes prices Asia, holding constant local economic conditions. Supplementary results are consistent with transmission channels Our extend work the impact international inter-bank flows several implications findings that literature.