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Multinational banking and the international transmission of financial shocks:Evidence from foreign bank subsidiaries

机译：跨国银行与金融冲击的国际传播：来自外国银行子公司的证据

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摘要

Using bank-level data on 368 foreign subsidiaries of 68 multinational banks in 47 emerging economies during 1994-2008, we present consistent evidence that internal capital markets in multinational banking contribute to the transmission of financial shocks from parent banks to foreign subsidiaries. We find that internal capital markets transmit favorable and adverse shocks by affecting subsidiaries' reliance on their own internal funds for lending. We also find that the transmission of financial shocks varies across types of shocks; is strongest among subsidiaries in Central and Eastern Europe, followed by Asia and Latin America; is global rather than regional; and becomes more conspicuous in recent years. We also explore various conditions under which the international transmission of financial shocks via internal capital markets in multinational banking is stronger, including the subsidiaries' reliance on funds from their parent bank, the subsidiaries' entry mode, and the capital account openness and banking market structure in host countries.
机译：我们使用1994-2008年间47个新兴经济体中68家跨国银行的368家外国子公司的银行级数据，得出了一致的证据，跨国银行的内部资本市场有助于将金融冲击从母公司转移到外国子公司。我们发现，内部资本市场会通过影响子公司对自身内部资金的依赖来传递有利和不利的冲击。我们还发现，金融冲击的传递因冲击的类型而异。在中欧和东欧的子公司中实力最强，其次是亚洲和拉丁美洲；是全球性的，而不是区域性的；并且在最近几年变得更加突出。我们还探索了在各种条件下，跨国银行内部资本市场通过国际资本传递金融冲击的能力增强了，包括子公司对母银行资金的依赖，子公司的进入方式以及资本账户开放度和银行市场结构在东道国

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  • 来源
    《Journal of banking & finance》 |2013年第3期|952-972|共21页
  • 作者

    Bang Nam jeon; Maria Pia Olivero; Ji Wu;

  • 作者单位

    Department of Economics and International Business, LeBow College of Business, Drexel University, Philadelphia, PA 19104, USA ,College of Economics and International Commerce, Soongsil University, Seoul, South Korea;

    Department of Economics and International Business, LeBow College of Business, Drexel University, Philadelphia, PA 19104, USA;

    Research Institute of Economics and Management, Southwest University of Finance and Economics, Chengdu, China;

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  • 原文格式 PDF
  • 正文语种 eng
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  • 关键词

    internal capital markets; multinational banking; transmission of financial shocks;

    机译：内部资本市场;跨国银行传递金融冲击;

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