Banking Globalization and Monetary Transmission
研究了全球银行如何跨国管理流动性，发现全球运营使银行免受货币政策变化影响，而缺乏全球运营的银行受货币政策影响更大，且内部资本市场在危机期间传播了冲击。
ABSTRACT Globalization of banking raises questions about banks’ liquidity management, their response to liquidity shocks, and the potential for international shock propagation. We conjecture that global banks manage liquidity on a global scale, actively using cross‐border internal funding in response to local shocks. Having global operations insulates banks from changes in monetary policy, while banks without global operations are more affected by monetary policy than previously found. We provide direct evidence that internal capital markets are active in global banks and contribute to the international propagation of shocks. This feature was at play during the financial crisis of 2007–2009.