BIS: Transmission of monetary policy through global banks: whose policy matters?

This paper examines how monetary policy changes in various countries affect international bank lending. Most of the existing literature looks at monetary conditions in one or two countries, that of the lender or that of the borrower. But when banks lend across borders, they do so mostly in a global currency (US dollars or euros), which may be neither the lender’s nor the borrower’s home currency. Do interest rates in a third country also affect the volume of bank lending between the two countries?

https://www.bis.org/publ/work737.htm

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