러시아ㆍ유라시아

This paper studies to what extent the domestic macroprudential policy stance affects the cross-border transmission of monetary policy shocks from the U.S. to a small open economy by estimating their effect on domestic lending using proprietary bank-level balance sheet data for internationally active Russian banks covering 2000-2017. To identify the causal effect at the bank level we exploit heterogeneity across banks in terms of their exposure to U.S. monetary policy and domestic prudential policy. We find evidence that expansionary monetary policy shocks in the US stimulate domestic lending by Russian banks, and the estimated effect has been statistically and economically significant. A more restrictive domestic macroprudential policy stance in Russia is found to attenuate the inward transmission of US monetary shocks to domestic bank lending.