Follow the Money: Quantifying Domestic Effects of Foreign Bank Shocks in the Great Recession
研究大衰退期间外国银行从美国分行撤资对贷款的影响，发现平均每家分行内部资金净流出12%，每流出1美元贷款减少40-50美分，且影响因分行运营模式而异。
Foreign banks pulled significant funding from their US branches during the Great Recession. We estimate that the average-sized branch experienced a twelve percent net internal fund “withdrawal,” with the fund transfer disproportionately bigger for larger branches. This internal shock to the balance sheet of US branches of foreign banks had sizable effects on their lending. On average, for each dollar of funds transferred internally to the parent, branches decreased lending supply by about forty to fifty cents. However, the extent of the lending effects was very different across branches depending on their pre-crisis modes of operation in the United States.