Drivers of Structural Change in Cross-Border Banking Since the Global Financial Crisis
Drivers of Structural Change in Cross-Border Banking Since the Global Financial Crisis
复制标题
全球金融危机以来跨境银行业结构性变革的驱动因素
DOI：
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发表时间：
2014
期刊：
影响因子：
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通讯作者：
Marcel Fratzscher
中科院分区：
文献类型：
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作者：
F. Bremus;Marcel Fratzscher
本文分析了全球金融危机以来监管政策和货币政策的变化对跨境银行贷款的影响。跨界银行贷款减少，银行信贷组合中的本国偏好急剧上升，特别是在欧元区的银行中。我们的研究结果表明，来源国的扩张性货币政策-以央行持有的储备变化衡量-鼓励了欧元区和非欧元区国家的跨境贷款。关于监管政策，金融监管权力的增加或监管当局的独立性鼓励了信贷从来源国流出。因此，研究结果强调了监管套利作为全球金融危机以来跨境银行流动驱动力的重要性。然而，在欧元区，资本紧缩套利与危机以来跨境贷款减少有关。
The paper analyzes the effects of changes to regulatory policy and to monetary policy on cross-border bank lending since the global financial crisis. Cross-border bank lending has decreased, and the home bias in the credit portfolio of banks has risen sharply, especially among banks in the euro area. Our results suggest that expansionary monetary policy in the source countries – as measured by the change in reserves held at central banks – has encouraged cross-border lending, both in euro area and non-euro area countries. Regarding regulatory policy, increases in financial supervisory power or independencve of the supervisory authorities have encouraged credit outflows from source countries. The findings thus underline the importance of regulatory arbitrage as a driver of cross-border bank flows since the global financial crisis. However, in the euro area, arbitrage in capital stringency was linked to lower cross-border lending since the crisis.