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Financial technologies and the effectiveness of monetary policy transmission

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  • Hasan, Iftekhar
  • Kwak, Boreum
  • Li, Xiang

Abstract

This study investigates whether and how financial technologies (FinTech) influence the effectiveness of monetary policy transmission. We use an interacted panel vector autoregression model to explore how the effects of monetary policy shocks change with regional-level FinTech adoption. Results indicate that FinTech adoption generally mitigates the transmission of monetary policy to real GDP, consumer prices, bank loans, and housing prices, with the most significant impact observed in the weakened transmission to bank loan growth. The relaxed financial con straints, regulatory arbitrage, and intensified competition are the possible me chanisms underlying the mitigated transmission.

Suggested Citation

  • Hasan, Iftekhar & Kwak, Boreum & Li, Xiang, 2023. "Financial technologies and the effectiveness of monetary policy transmission," IWH Discussion Papers 26/2020, Halle Institute for Economic Research (IWH), revised 2023.
    • Handle: RePEc:zbw:iwhdps:262020
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    2. Wang, Ping & Huang, Chengcheng & Zhou, Gang & Wu, Wenjun & Wu, Xinmeng, 2024. "Digitalization of the financial market and green coal trade," Resources Policy, Elsevier, vol. 99(C).
    3. Cornelli, Giulio & De Fiore, Fiorella & Gambacorta, Leonardo & Manea, Cristina, 2024. "Fintech vs bank credit: How do they react to monetary policy?," Economics Letters, Elsevier, vol. 234(C).
    4. John Beirne & Nuobu Renzhi & Ulrich Volz, 2023. "Non-Bank Finance and Monetary Policy Transmission in Asia," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 59(6), pages 1976-1991, May.

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    More about this item

    Keywords

    financial technology; interacted panel VAR; monetary policy;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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