Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: http://hdl.handle.net/10419/216786
Autoren: 
Abbassi, Puriya
Bräuning, Falk
Fecht, Falko
Peydró, José-Luis
Datum: 
2018
Schriftenreihe/Nr.: 
Economic Working Paper Series No. 1566
Zusammenfassung: 
We analyze how the Lehman and sovereign crises affect international financial integration, exploiting euro-area proprietary interbank data, crisis and monetary shocks, and loan terms to the same borrower during the same day by domestic versus foreign lenders. Crisis shocks reduce the supply of cross-border liquidity, with stronger volume than pricing effects, thereby impairing international financial integration. On the extensive margin, the cross-border credit crunch is independent of quality, while—on the intensive margin—riskier borrower banks suffer more. Moreover, the cross-border liquidity crunch is substantially stronger for term loans, and weaker for foreign lender banks that have a subsidiary in the same country than the borrower. Nonstandard monetary policy improves interbank liquidity, but without fostering strong crossborder financial re-integration.
Schlagwörter: 
financial integration
financial crises
cross-border lending
monetary policy
international liquidity
JEL: 
E58
F30
G01
G21
G28
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
724.59 kB





Publikationen in EconStor sind urheberrechtlich geschützt.