| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12933 |
| DP12933 Foreign Currency Bank Funding and Global Factors | |
| Cedric Tille; Signe Krogstrup | |
| 发表日期 | 2018-05-14 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | The literature on 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 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. Analysis of data on European banks’ aggregate balance sheets lends support to the model predictions, especially in countries outside the euro area. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Currency mismatch Capital flows Push factors Spillovers Cross-border transmission of shocks European bank balance sheets |
| URL | https://cepr.org/publications/dp12933 |
| 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/541745 |
| 推荐引用方式 GB/T 7714 | Cedric Tille,Signe Krogstrup. DP12933 Foreign Currency Bank Funding and Global Factors. 2018. |
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