Regulatory Arbitrage and International Bank Flows
研究了跨国监管差异是否影响国际银行流动，发现银行会将资金转移到监管较宽松的市场，但这种套利在制度环境强的发达国家更显著。
ABSTRACT We study whether cross‐country differences in regulations have affected international bank flows. We find strong evidence that banks have transferred funds to markets with fewer regulations. This form of regulatory arbitrage suggests there may be a destructive “race to the bottom” in global regulations, which restricts domestic regulators’ ability to limit bank risk‐taking. However, we also find that the links between regulation differences and bank flows are significantly stronger if the recipient country is a developed country with strong property rights and creditor rights. This suggests that, while differences in regulations have important influences, without a strong institutional environment, lax regulations are not enough to encourage massive capital flows.