Banks’ market capital and the international risk taking channel of US monetary policy

IF 4 1区经济学 Q1 ECONOMICS

Journal of International Economics Pub Date : 2025-05-12 DOI:10.1016/j.jinteco.2025.104099

Stefan Avdjiev , Jose Maria Serena

引用次数: 0

Abstract

We demonstrate that banks’ market capital is a key determinant of the strength of the international risk-taking channel of US monetary policy. The impact of US monetary policy on international risk-taking is greater for banks with low market capital. The effect of market capital exists in addition to the previously documented effect of regulatory capital, which works in the opposite direction. As a result, the international risk-taking channel of monetary policy is most powerful for banks that have a combination of high regulatory capital and low market capital.

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银行市场资本与美国货币政策的国际风险承担渠道

我们证明，银行的市场资本是美国货币政策的国际风险承担渠道强弱的关键决定因素。对于市场资本较低的银行来说，美国货币政策对国际风险承担的影响更大。除了先前记录的监管资本的影响之外，市场资本的影响也存在，而监管资本的作用方向是相反的。因此，对于监管资本高、市场资本低的银行来说，货币政策的国际风险承担渠道最为强大。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of International Economics ECONOMICS-

CiteScore

5.80

自引率

6.10%

发文量

期刊介绍： The Journal of International Economics is intended to serve as the primary outlet for theoretical and empirical research in all areas of international economics. These include, but are not limited to the following: trade patterns, commercial policy; international institutions; exchange rates; open economy macroeconomics; international finance; international factor mobility. The Journal especially encourages the submission of articles which are empirical in nature, or deal with issues of open economy macroeconomics and international finance. Theoretical work submitted to the Journal should be original in its motivation or modelling structure. Empirical analysis should be based on a theoretical framework, and should be capable of replication.