International Banking and Cross-Border Effects of Regulation: Lessons from Portugal
利用葡萄牙银行数据，研究外国监管对国内信贷增长的影响，发现不同类型监管（如资本要求、贷款价值比限制）通过不同渠道和银行法律形式产生差异化的跨境溢出效应。
This paper offers a contribution to understand the crossborder effects of bank regulation using data on Portuguese banks. We find that the effect of foreign regulation on domestic credit growth depends on the type of regulation, on the channel of transmission, and on the legal form of the bank. Our results show that a tightening in foreign regulation leads to a decrease in the growth of domestic credit in the case of concentration ratios and capital requirements and has the opposite effect in the case of sector-specific capital buffers and reserve requirements in foreign currencies. We also find significant cross-border effects for the loan-to-value limits. In this case, cross-border spillovers work in different ways for domestic banks with international activity and for foreign banks: after a tightening in this instrument abroad, domestic banks decrease credit growth in Portugal while foreign banks increase it. Finally, we show that the cross-border effects of capital requirements work differently through branches and subsidiaries.