Global Banks and Synthetic Funding: The Benefits of Foreign Relatives
研究了外汇互换市场错位（CIP偏差）对银行贷款的影响，发现当获取特定外币互换资金成本上升时，银行会减少该币种的跨境信贷供给，但可通过内部资本市场利用外国关联机构缓解这一影响。
Abstract This paper examines the effect of dislocations in foreign currency (FX) swap markets (“CIP deviations”) on bank lending. Using data from UK banks we show that when the cost of obtaining swap‐based funds in a particular foreign currency increases, banks reduce the supply of cross‐border credit in that currency. This effect is increasing in the degree of banks' reliance on swap‐based FX funding. Access to foreign relatives matters as banks employ internal capital markets to shield their cross‐border FX lending supply from the described channel. Partial substitution occurs from banks outside the UK not affected by changes in synthetic funding costs.