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CCER討論稿：Technological Innovation and the Bank Lending Channel of Monetary Policy Transmission

發(fā)布日期：2023-12-25 03:08    來(lái)源：

E2023014                                                      2023-12-25

Iftekhar Hasan

Xiang Li

Tuomas Takalo

 

Abstract

This paper studies whether and how banks’ technological innovations affect the bank lending channel of monetary policy transmission. We first provide a theoretical model in which banks’ technological innovation relaxes firms’ earning-based borrowing constraints and thereby enlarges the response of banks’ lending to monetary policy changes. To test the empirical implications, we construct a patent-based measurement of bank-level technological innovation, which can specify the nature of technology and tell whether it is related to the bank’s lending business. We find that lending-related innovations significantly strengthen the transmission of the bank lending channel.

Keywords: Innovation; FinTech; Monetary Policy Transmission; Bank Lending Channel

JEL Codes: E52; G21; G23

討論稿下載../../../docs/20231225150914774381.pdf