@techreport{e30bd0c6c6854e888670de26f8b42c89,
title = "Monetary policy and household loan supply: Volume and composition effects",
abstract = "We study how monetary conditions change the supply by banks of mortgage credit to households. We exploit the widespread presence of foreign currency mortgages in Hungary and study this country`s comprehensive credit registry. Changes in monetary conditions not only affect the supply of credit in volume, but also in its currency and risk composition. Hence, we establish a “bank-lending-to-households” channel of monetary policy that is heterogeneous. While the availability of foreign currency mortgages weakens the domestic bank-lending channel overall, weakly capitalized domestic banks relying on swap transactions for their foreign currency lending are more sensitive to changes in monetary conditions.",
keywords = "Bank balance-sheet channel, household lending, monetary policy, foreign currency lending",
author = "Ibolya Schindele and Steven Ongena and Gy{\H o}z{\H o} Gy{\"o}ngy{\"o}si",
year = "2022",
month = feb,
language = "American English",
series = "MNB Working Papers",
publisher = "Magyar Nemzeti Bank (MNB)",
number = "2",
type = "WorkingPaper",
institution = "Magyar Nemzeti Bank (MNB)",
}