全球银行业和宏观经济稳定。流动性、控制和监控

IF 3.8 1区 经济学 Q1 ECONOMICS
Elton Beqiraj , Qingqing Cao , Ralph De Haas , Raoul Minetti
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引用次数: 0

摘要

我们研究了全球银行的组织结构如何塑造它们对宏观经济稳定的影响。我们开发了一个两国动态一般均衡模型,在该模型中,全球性银行可以将贷款监督委托给当地分支机构,也可以通过集中雇用信贷员来控制分支机构的监督活动。此外,我们允许跨国银行通过内部资本市场在母公司和当地子公司之间转移流动性。我们表明,采用集中式商业模式(由母公司集中聘用信贷员并大量利用内部资本市场)的全球银行有助于减轻金融冲击对东道国经济的影响。然而,在企业投资质量受到实际冲击之后,它们可能成为一个不稳定因素。该模型的预测与来自许多拥有全球银行分支机构的国家的银行层面的证据一致。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Global banking and macroeconomic stability. Liquidity, control, and monitoring
We study how the organizational structure of global banks shapes their impact on macroeconomic stability. We develop a two-country dynamic general equilibrium model in which global banks can either delegate loan monitoring to local affiliates or exert control over affiliates’ monitoring activities, hiring loan officers centrally. Moreover, we allow global banks to transfer liquidity between parents and local affiliates through internal capital markets. We show that global banks with a centralized business model (with loan officers hired centrally by the parent and an intense use of internal capital markets) help mitigate the impact of financial shocks on the host economy. However, they may become a destabilizing factor following real shocks that hit the quality of firms’ investments. The model predictions are consistent with bank-level evidence from a large set of countries that host global bank affiliates.
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来源期刊
CiteScore
5.80
自引率
6.10%
发文量
98
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.
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