Research conducted by the International Banking Research Network, for instance, shows that prudential instruments sometimes spill over across borders through bank lending, and that international spillovers vary across prudential instruments and are heterogeneous across banks.5 There appears to be no one channel or indeed, a specific direction of transmission that predominates in 3/4  BIS central bankers' speeches  the context of spillovers.
I believe that improving productivity would stimulate price rises through increases in wages and private consumption. Nevertheless, even now there are firms that maintain their cautious wage- and price-setting stance, as they are concerned, for example, about a shrinking of the domestic market size and the issue of succession for businesses; they also lack confidence in growth in private consumption.