Perhaps somewhat contrary to expectations, many projects conducted by the IBRN found relatively small cross-border spillovers of policies (monetary or prudential) on loan growth, and effects have been quite heterogeneous. It would be premature to conclude though that cross-border effects are small. First, spillovers may be larger for countries that have not been covered by IBRN studies. This suggests using fairly large country samples.
Second, measures of prudential and monetary policy used in previous studies may be imperfect. This concern can be mitigated by focusing on specific reforms and improving upon measurement. Third, effects of policies such as stress tests may not have been accounted for adequately. Finally, previous IBRN studies might not have been studying the dimension of bank activity where some spillover might be most visible.