Supervising cross-border banks: theory, evidence and policy
分析了银行跨境活动（如外国资产、存款和股权）如何扭曲监管干预，发现各种扭曲可能相互抵消，并利用危机期间银行数据验证了理论。
This paper analyses the distortions that banks' cross-border activities, such as foreign assets, deposits and equity, can introduce into regulatory interventions. We find that while each individual dimension of cross-border activities distorts the incentives of a domestic regulator, a balanced amount of cross-border activities does not necessarily cause inefficiencies, as the various distortions can offset each other. Empirical analysis using bank-level data from the recent crisis provides support to our theoretical findings. Specifically, banks with a higher share of foreign deposits and assets and a lower foreign equity share were intervened at a more fragile state, reflecting the distorted incentives of national regulators. We discuss several implications for the supervision of cross-border banks in Europe.— Thorsten Beck, Radomir Todorov and Wolf Wagner