Banking Globalization and Monetary Transmission
Banking Globalization and Monetary Transmission
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DOI：
10.2139/ssrn.1162253
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发表时间：
2009-02
期刊：
影响因子：
--
通讯作者：
Nicola Cetorelli;Linda S. Goldberg
中科院分区：
文献类型：
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作者：
Nicola Cetorelli;Linda S. Goldberg
美国银行业的全球化正在影响国内和国外市场的货币传导机制。使用1980年至2006年期间所有美国银行提交的电话报告的季度信息，我们表明，全球化的银行激活内部资本市场与其海外分支机构，以隔离自己部分从国内流动性条件的变化。这些国内资本市场的存在直接促成了国内流动性冲击对海外关联银行贷款的国际传播。虽然这些结果意味着贷款渠道比Kashyap和Stein（2000年）所记录的要活跃得多，但它们也意味着，随着银行业更加全球化，国外的货币传导同样增强，美国国内的贷款渠道正在减弱。
The globalization of banking in the United States is influencing the monetary transmission mechanism both domestically and in foreign markets. Using quarterly information from all U.S. banks filing call reports between 1980 and 2006, we show that globalized banks activate internal capital markets with their overseas affiliates to insulate themselves partially from changes in domestic liquidity conditions. The existence of these internal capital markets directly contributes to an international propagation of domestic liquidity shocks to lending by affiliated banks abroad. While these results imply a substantially more active lending channel than documented in Kashyap and Stein (2000), they also imply that the lending channel within the United States is declining in strength as banking becomes more globalized and monetary transmission abroad likewise increases in strength.