Cross-Border Banking and Global Liquidity
研究全球因素如何影响银行资本流动，构建模型揭示银行杠杆周期是跨境金融条件传导的关键，并发现本币升值与银行杠杆上升相关，为汇率与金融稳定提供理论桥梁。
We investigate global factors associated with bank capital ows. We formulate a model of the international banking system where global banks interact with local banks. The solution highlights the bank leverage cycle as the determinant of the transmission of nancial conditions across borders through banking sector capital ows. A distinctive prediction of the model is that local currency appreciation is associated with higher leverage of the banking sector, thereby providing a conceptual bridge between exchange rates and nancial stability. In a panel study of 46 countries, we nd support for the key predictions of our model.