Global Factors in Noncore Bank Funding and Exchange Rate Flexibility
研究发现发达经济体银行非核心融资与核心融资之比主要由三个全球因素驱动，汇率灵活性有助于隔离这些全球因素的影响，且这种隔离效应在非危机时期更强，审慎监管与汇率隔离具有互补作用。
Abstract We show that fluctuations in the ratio of noncore to core funding in the banking systems of advanced economies are largely driven by three global factors of both real and financial natures, with country‐specific factors playing only a minor role. Exchange rate flexibility helps insulate the noncore to core ratio from such global factors. This insulation is stronger in periods away from global crises. Tighter prudential regulations appear to have a complementary effect to exchange rate insulation.