National Bank of Serbia paper finds strong domestic bank lending channel

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A working paper published by the National Bank of Serbia on July 27 studies the bank lending channel of monetary policy in Serbia, finding it is much stronger for loans denominated in the domestic currency than foreign ones, particularly euros.

The authors, Srđan Kujundžić and Dragiša Otašević, analyse data from 33 banking institutions over the period 2008–11 to identify the effect. The authors suggest that foreign currency loans are less affected by monetary policy because they tend to be

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