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March 2017 issue
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Buch, Goldberg
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Hills, Reinhardt, Sowerbutts, Wieladek
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Cerutti, Correa, Fiorentino, Segalla
Avdjiev, Koch, McGuire, von Peter
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International Banking and Cross-Border Effects of Regulation: Lessons from the United Kingdom

by Robert Hillsa, Dennis Reinhardta, Rhiannon Sowerbuttsa and Tomasz Wieladekb

Abstract

This paper examines whether U.K.-owned banks’ domestic lending is affected by prudential actions in other countries where the banks have exposures. We also examine the impact of a change in prudential policy in a foreign-owned U.K.- resident bank’s home jurisdiction on its lending to the United Kingdom. Our results suggest that prudential actions taken abroad do not have significant spillover effects on bank lending in the U.K. economy as a whole. But there are more disaggregated sectoral effects: for instance, when a foreign authority tightens loan-to-value standards, U.K. affiliates of banks owned from that country expand their lending to U.K. households.

JEL Codes: F32, F34, G21.

 
Full article (PDF, 29 pages, 337 kb)


a Bank of England
b Barclays Capital