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The Effect of Monetary Policy on Bank Wholesale Funding

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  • Dong Beom Choi

    (SNU Business School, Seoul National University, Seoul 08826, Korea;)

  • Hyun-Soo Choi

    (College of Business, Korea Advanced Institute of Science and Technology, Seoul 02455, Korea)

Abstract

We study how monetary policy affects the funding composition of the banking sector. When monetary tightening reduces the supply of retail deposits, banks attempt to substitute wholesale funding for deposit outflows to smooth their lending. Because of financial frictions, banks have varying degrees of access to wholesale funding. Therefore, large banks, or those with greater reliance on wholesale funding, increase their wholesale funding more. Consequently, monetary tightening increases both the reliance on and the concentration of wholesale funding within the banking sector. Our findings also suggest that liquidity requirements could bolster monetary policy transmission through the bank lending channel.

Suggested Citation

  • Dong Beom Choi & Hyun-Soo Choi, 2021. "The Effect of Monetary Policy on Bank Wholesale Funding," Management Science, INFORMS, vol. 67(1), pages 388-416, January.
  • Handle: RePEc:inm:ormnsc:v:67:y:2021:i:1:p:388-416
    DOI: 10.1287/mnsc.2019.3463
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    10. Friederike Niepmann & Tim Schmidt-Eisenlohr, 2018. "Global Investors, the Dollar, and U.S. Credit Conditions," CESifo Working Paper Series 7288, CESifo.
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    More about this item

    Keywords

    monetary transmission; bank liability; deposit; financial stability; bank lending channel; wholesale funding substitutions; cross-sectional heterogeniety; liquidity regulation;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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