Cross-Border Banking
Cross-Border Banking
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跨境银行业务
DOI：
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发表时间：
1994
期刊：
影响因子：
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通讯作者：
J. Eaton
中科院分区：
文献类型：
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作者：
J. Eaton
一些国家的银行系统向世界其他地区输出中介服务，而许多其他国家则是向国外银行存款的净输出国和国外银行贷款的净进口国。与非银行中心国家相比，银行中心国家通常具有较低的通货膨胀率、更深的金融体系、从铸币税中获得的政府收入较少、相对于银行资产的储备金也较低。本文开发了一个受监管的银行中介的程式化模型，以检验国家货币政策在决定国家银行体系国际竞争力方面的作用。货币政策的形式是控制储备货币的供应并对产生储备货币需求（准备金要求）的银行施加限制。银行体系的国际竞争力可以通过货币当局更加重视现有债权人（相对于其选区债务人）的利益，并且不太需要通过铸币税来提高收入来提高。随着存款和贷款市场的完全一体化，中介的地点可能是不确定的。接受更多存款的国家可以在通货膨胀较低的情况下产生一定数量的铸币税。经历存款外流的国家的货币当局可能会试图实施资本管制，以维持其铸币税基础。分析的一个含义是，货币政策一体化可以通过减少为避免通货膨胀税而转移存款的动机来促进金融一体化。
The banking systems of some countries export intermediation services to the rest of the world, while many other countries are net exporters of deposits to banks abroad and net importers of loans from banks abroad. Banking center countries typically have lower inflation, deeper financial systems, earn less government revenue from seigniorage, and have lower reserve money relative to bank assets than nonbanking-center countries. This paper develops a stylized model of regulated bank intermediation to examine the role of national monetary policy in determining the international competitiveness of a national banking system. Monetary policy takes the form of controlling the supply of reserve money and imposing restrictions on banks that generate a demand for reserve money (reserve requirements). The international competitiveness of a banking system is enhanced by having a monetary authority who places greater weight on the interests of existing creditors relative to debtors in its constituency, and who has less need to raise revenue from seigniorage. With complete integration of deposit and loan markets the location of intermediation can be indeterminate. Countries that receive more deposits can generate a given amount of seigniorage with less inflation. Monetary authorities in countries that experience deposit outflows may be tempted to impose capital controls in order to maintain their seigniorage base. One implication of the analysis is that integration of monetary policies can facilitate financial integration by reducing the incentive to relocate deposits to avoid the inflation tax.