| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8854 |
| DP8854 Financial Integration, Specialization, and Systemic Risk | |
| Philipp Hartmann; Falko Fecht; Hans Peter Grüner | |
| 发表日期 | 2012-02-23 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | This paper studies the implications of cross-border financial integration for financial stability when banks' loan portfolios adjust endogenously. Banks can be subject to sectoral and aggregate domestic shocks. After integration they can share these risks in a complete interbank market. When banks have a comparative advantage in providing credit to certain industries, financial integration may induce banks to specialize in lending. An enhanced concentration in lending does not necessarily increase risk, because a well-functioning interbank market allows to achieve the necessary diversification. This greater need for risk sharing, though, increases the risk of cross-border contagion and the likelihood of widespread banking crises. However, even though integration increases the risk of contagion it improves welfare if it permits banks to realize specialization benefits. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | Financial contagion Financial integration Interbank market Risk sharing Specialization |
| URL | https://cepr.org/publications/dp8854 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537699 |
| 推荐引用方式 GB/T 7714 | Philipp Hartmann,Falko Fecht,Hans Peter Grüner. DP8854 Financial Integration, Specialization, and Systemic Risk. 2012. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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