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http://hdl.handle.net/10419/27635
  

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dc.contributor.authorCetorelli, Nicolaen_US
dc.contributor.authorGoldberg, Linda S.en_US
dc.coverage.temporal1980-2005en_US
dc.date.accessioned2009-08-12T07:29:54Z-
dc.date.available2009-08-12T07:29:54Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/27635-
dc.description.abstractThe 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.en_US
dc.language.isoengen_US
dc.relation.ispartofseriesDiscussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2008,21en_US
dc.subject.jelF36en_US
dc.subject.jelE44en_US
dc.subject.jelG32en_US
dc.subject.ddc330en_US
dc.subject.keywordLending channelen_US
dc.subject.keywordBanken_US
dc.subject.keywordglobalen_US
dc.subject.keywordliquidityen_US
dc.subject.keywordtransmissionen_US
dc.subject.keywordinternal capital marketsen_US
dc.subject.stwInternationale Banken_US
dc.subject.stwGlobalisierungen_US
dc.subject.stwKreditgeschäften_US
dc.subject.stwTransmissionsmechanismusen_US
dc.subject.stwUSAen_US
dc.titleBanking globalization, monetary transmission and the lending channelen_US
dc.typeWorking Paperen_US
dc.identifier.ppn584593597en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:bubdp1:7446-
Appears in Collections:Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank

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