资本流动、跨境银行和全球流动性

ERN: International Finance (Topic) Pub Date : 2012-12-01 DOI:10.2139/ssrn.2020556

Valentina Bruno, H. Shin

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引用次数: 246

摘要

我们调查了与跨境资本流动相关的全球因素。我们制定了一个通过国际银行体系的总资本流动模型，并得出了一个封闭形式的解决方案，该解决方案强调了全球银行的杠杆周期是金融状况跨境传播的主要决定因素。然后，我们在46个国家的面板研究中测试了我们模型的预测，发现全球因素主导了当地因素，成为银行业资本流动的决定因素。

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Capital Flows, Cross-Border Banking and Global Liquidity

We investigate global factors associated with cross-border capital flows. We formulate a model of gross capital flows through the international banking system and derive a closed form solution that highlights the leverage cycle of global banks as being a prime determinant of the transmission of financial conditions across borders. We then test the predictions of our model in a panel study of 46 countries and find that global factors dominate local factors as determinants of banking sector capital flows.

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ERN: International Finance (Topic)

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