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Banking Across Borders
This thesis sheds light on the motives, the nature and the implications of banking across borders. In Chapter 1, co-authored with Tim Schmidt-Eisenlohr, I examine the challenges that increased nancial integration presents for policy cooperation as nancial crises and government intervention have stronger e ects beyond borders. We provide a model of international contagion allowing for bank bailouts. While a social planner trades o tax distortions, liquidation losses and intra- and inter-country income inequality, in the noncooperative game between governments there are ine ciencies due to externalities, a lack of burden sharing and free-riding. We show that, in absence of cooperation, stronge...
International Banking and Cross-border Effects of Regulation
Abstract: Domestic prudential regulation can have unintended effects across borders and may be less effective in an environment where banks operate globally. Using U.S. micro-banking data for the first quarter of 2000 through the third quarter of 2013, this study shows that some regulatory changes indeed spill over. First, a foreign country's tightening of limits on loan-to-value ratios and local currency reserve requirements increase lending growth in the United States through the U.S. branches and subsidiaries of foreign banks. Second, a foreign tightening of capital requirements shifts lending by U.S. global banks away from the country where the tightening occurs to the United States and to other countries. Third, tighter U.S. capital regulation reduces lending by large U.S. global banks to foreign residents
The Industrial Organization of Banking
This book provides an evaluation of the industrial organization of banking with a focus on the interrelationship among bank behavior, market structure, and regulation. It addresses a wide range of public policy topics, including bank competition and risk, international banking, antitrust issues, and capital regulation. New to this edition, which has been updated throughout, is a broadened consideration of alternative theories of competition among banks, which includes discussions of such issues as the implications of large increases in bank reserve holdings in recent years, effects of nonprice competition through quality rivalry, analysis of mixed market structures involving both large and small banks, and international interactions of banks and policymakers. The intent of the book is to serve as a learning tool and reference for graduate students, academics, bankers, and policymakers seeking to better understand the industrial organization of the banking sector and the effects of banking regulations.
The Impact of the Global Financial Crisis on Banking Globalization
Although cross-border bank lending has fallen sharply since the crisis, extending our bank ownership database from 1995-2009 up to 2013 shows only limited retrenchment in foreign bank presence. While banks from OECD countries reduced their foreign presence (but still represent 89% of foreign bank assets), those from emerging markets and developing countries expanded abroad and doubled their presence. Especially advanced countries hit by a systemic crisis reduced their presence abroad, with far flung and relatively small investments more likely to be sold. Poorer and slower growing countries host fewer banks today, while large investments less likely expanded. Conversely, faster host countries’ growth and closeness to potential investors meant more entry. Lending by foreign banks locally grew more than cross-border bank claims did for the same home-host country combination, and each was driven by different factors. Altogether, our evidence shows that global banking is not becoming more fragmented, but rather is going through some important structural transformations with a greater variety of players and a more regional focus.
Foreign Currency Bank Funding and Global Factors
The literature on the drivers of capital flows stresses the prominent role of global financial factors. Recent empirical work, however, highlights how this role varies across countries and time, and this heterogeneity is not well understood. We revisit this question by focusing on financial intermediaries’ funding flows in different currencies. A concise portfolio model shows that the sign and magnitude of the response of foreign currency funding flows to global risk factors depend on the financial intermediary’s pre-existing currency exposure. An analysis of a rich dataset of European banks’ aggregate balance sheets lends support to the model predictions, especially in countries outside the euro area.
Macro-financial Stability Policy In A Globalised World: Lessons From International Experience - Selected Papers From The Asian Monetary Policy Forum 2021 Special Edition And Mas-bis Conference
Since at least the Great Financial Crisis, authorities around the world have increasingly relied on macroprudential policy to help secure financial stability and complement monetary policy as an integral element of a broader macro-financial stability framework. In today's interconnected global financial system, policy actions taken by the major advanced economies can have spillovers on the rest of the world through their impact on capital flows and exchange rates, potentially generating vulnerabilities across borders. Conversely, in emerging market economies, macroprudential policy as well as foreign exchange intervention and/or capital flow management policy can help mitigate the correspond...
The Impact of Political Uncertainty on Asset Prices: The Case of the United Kingdom's EU Membership Referendum
How did expectations of the outcome of the United Kingdom's (UK) referendum on European Union (EU) membership in 2016 affect prices in financial markets? We study this using high frequency data from betting and financial markets. We find that a one percentage point increase in the probability of "Leave" result caused British stocks (FTSE All-Share) to decline by 0.004 percent, and the Pound to depreciate by 0.006 percent against the euro. We find negative and significant effects for most sub-sectors, and negative spill-overs to other EU member countries. We show that the differential impact across sectors and countries can be explained by differences in the trade exposures.
Blockchain – ICBC 2023
This book constitutes the proceedings of the 6th International Conference on Blockchain, ICBC 2023, held as part of the Services Conference Federation, SCF 2023, held in Honolulu, HI, USA, during September 23–26, 2023. The 9 full papers presented in this book were carefully reviewed and selected from 18 submissions. The conference focuses on new blockchain architecture, platform constructions, blockchain development, and blockchain services technologies as well as standards and blockchain services innovation lifecycle, including enterprise modeling, business consulting, solution creation, services orchestration, services optimization, services management, services marketing, and business process integration and management.
Cross-border Banking and the Circumvention of Macroprudential and Capital Control Measures
We analyze the joint impact of macroprudential and capital control measures on cross-border banking flows, while controlling for multidimensional aspects in lender-and-borrower-relationships (e.g., distance, cultural proximity, microprudential regulations). We uncover interesting spillover effects from both types of measures when applied either by lender or borrowing countries, with many of them most likely associated with circumvention or arbitrage incentives. While lender countries’ macroprudential policies reduce direct cross-border banking outflows, they are associated with larger outflows through local affiliates. Direct cross-border inflows are higher in borrower countries with more usage of macroprudential policies, and are linked to circumvention motives. In the case of capital controls, most spillovers seem to be present through local affiliates. We do not find evidence to support the idea that additional capital inflow controls could interact with macro-prudential policies to mitigate cross-border spillovers.
U.S. Naval Power in the 21st Century
This nation‘s Cold War and Global War on Terror defense structures need an update. U.S. Naval Power in the 21st Century provides such a framework for the changed world we live in, offering a detailed roadmap that shows how the United States can field a war-winning fleet that can also compete aggressively in peacetime against dangerous competitors unlike any the nation has faced before. Brent Sadler presents a compelling new strategy and organizing approach that he calls naval statecraft, which acknowledges the centrality and importance of the maritime domain. While similar in scale and scope to Cold War containment strategies against the Soviets, naval statecraft is much more. It must be t...
