Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/112767 
Autor:innen: 
Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
Ruhr Economic Papers No. 564
Verlag: 
Rheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI), Essen
Zusammenfassung: 
After two decades of increased financial market integration, particularly driven by the banking sector, during the recent financial crisis capital flows decreased sharply, and especially banking flows were affected. At the same time loan volume in Euro Area countries slowed down, evoking concerns that domestic banks might have restricted their domestic lending activities due to international liquidity shortages. To probe this explanation, this paper analyzes the macroeconomic effects of adverse international liquidity shocks for eleven Euro Area countries between 2003 and 2013 on a quarterly basis. The international liquidity shocks are identified by applying a panel vector autoregressive (VAR) model with sign restrictions. The analysis reveals no significant decline in loan volume after such a shock. Rather, domestic banks presumably react by withdrawing money from abroad, thereby buffering the impact of the sharp decrease of capital inflows on the domestic economy.
Schlagwörter: 
international capital flows
Panel VAR
loan supply restrictions
home bias
JEL: 
F32
F34
G21
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-3-86788-650-5
Dokumentart: 
Working Paper

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