Spatial Dependence via the Internal Capital Markets of U.S. Global Banks
研究了美国全球银行通过内部资本市场形成的跨境流动性网络，发现邻近国家的外国分行贷款模式相似，且存在正向的流动性和货币政策溢出效应。
Abstract In this paper, we estimate the cross‐border liquidity network created by U.S. global banks via their internal capital markets to capture the spatial dependence or bilateral proximity between branches located in different countries. Results from dynamic spatial panel regressions indicate that the foreign branches in nearby countries show common lending patterns. A 1% increase in lending in branches in proximate locations is associated with an estimated increase of 0.25% in local lending. Further interdependencies are evidenced by the positive liquidity and monetary policy spillovers on local lending, with marginal spatial effects estimated to be around 1.11% and 0.14%, respectively.