Banking globalization, monetary transmission, and the lending channel:
"The globalization of banking in the United States is influencing the monetary transmission mechanism both domestically and in foreign markets. Using quarterly information from all U.S. banks filing call reports between 1980 and 2005, we find evidence for the lending channel for monetary policy...
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, Mass.
National Bureau of Economic Research
2008
|
| Series: | Working paper series / National Bureau of Economic Research
14101 |
| Subjects: | |
| Online Access: | Volltext |
| Summary: | "The globalization of banking in the United States is influencing the monetary transmission mechanism both domestically and in foreign markets. Using quarterly information from all U.S. banks filing call reports between 1980 and 2005, we find evidence for the lending channel for monetary policy in large banks, but only those banks that are domestically-oriented and without international operations. We show that the large globally-oriented banks rely on internal capital markets with their foreign affiliates to help smooth domestic liquidity shocks. We also show that the existence of such internal capital markets contributes to an international propagation of domestic liquidity shocks to lending by affiliated banks abroad. While these results imply a substantially more active lending channel than documented in the seminal work of Kashyap and Stein (2000), the lending channel within the United States is declining in strength as banking becomes more globalized"--National Bureau of Economic Research web site |
| Physical Description: | 37 S. graph. Darst. 22 cm |
Staff View
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| indexdate | 2024-07-09T21:25:16Z |
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| spelling | Cetorelli, Nicola Verfasser aut Banking globalization, monetary transmission, and the lending channel Nicola Cetorelli ; Linda S. Goldberg Cambridge, Mass. National Bureau of Economic Research 2008 37 S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 14101 "The globalization of banking in the United States is influencing the monetary transmission mechanism both domestically and in foreign markets. Using quarterly information from all U.S. banks filing call reports between 1980 and 2005, we find evidence for the lending channel for monetary policy in large banks, but only those banks that are domestically-oriented and without international operations. We show that the large globally-oriented banks rely on internal capital markets with their foreign affiliates to help smooth domestic liquidity shocks. We also show that the existence of such internal capital markets contributes to an international propagation of domestic liquidity shocks to lending by affiliated banks abroad. While these results imply a substantially more active lending channel than documented in the seminal work of Kashyap and Stein (2000), the lending channel within the United States is declining in strength as banking becomes more globalized"--National Bureau of Economic Research web site 1\p (DE-588)1071861417 Konferenzschrift gnd-content Goldberg, Linda S. Verfasser (DE-588)129334960 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 14101 (DE-604)BV002801238 14101 http://papers.nber.org/papers/w14101.pdf kostenfrei Volltext 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Cetorelli, Nicola Goldberg, Linda S. Banking globalization, monetary transmission, and the lending channel |
| subject_GND | (DE-588)1071861417 |
| title | Banking globalization, monetary transmission, and the lending channel |
| title_auth | Banking globalization, monetary transmission, and the lending channel |
| title_exact_search | Banking globalization, monetary transmission, and the lending channel |
| title_exact_search_txtP | Banking globalization, monetary transmission, and the lending channel |
| title_full | Banking globalization, monetary transmission, and the lending channel Nicola Cetorelli ; Linda S. Goldberg |
| title_fullStr | Banking globalization, monetary transmission, and the lending channel Nicola Cetorelli ; Linda S. Goldberg |
| title_full_unstemmed | Banking globalization, monetary transmission, and the lending channel Nicola Cetorelli ; Linda S. Goldberg |
| title_short | Banking globalization, monetary transmission, and the lending channel |
| title_sort | banking globalization monetary transmission and the lending channel |
| topic_facet | Konferenzschrift |
| url | http://papers.nber.org/papers/w14101.pdf |
| volume_link | (DE-604)BV002801238 |
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