Monetary Policy and Global Banking
研究了央行调整利率如何影响全球银行的贷款行为，发现国内利率降低会减少对外贷款，并用六大货币区的数据验证了这一预测。
ABSTRACT When central banks adjust interest rates, the opportunity cost of lending in local currency changes, but—absent frictions—there is no spillover effect to lending in other currencies. However, when equity capital is limited, global banks must benchmark domestic and foreign lending opportunities. We show that, in equilibrium, the marginal return on foreign lending is affected by the interest rate differential, with lower domestic rates leading to an increase in local lending, at the expense of a reduction in foreign lending. We test our prediction in the context of changes in interest rates in six major currency areas.