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dc.contributor.authorCetorelli, Nicolaen
dc.contributor.authorGoldberg, Linda S.en
dc.date.accessioned2009-08-12T07:29:54Z-
dc.date.available2009-08-12T07:29:54Z-
dc.date.issued2008-
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
dc.language.isoengen
dc.publisher|aDeutsche Bundesbank |cFrankfurt a. M.en
dc.relation.ispartofseries|aDiscussion Paper Series 1 |x2008,21en
dc.subject.jelF36en
dc.subject.jelE44en
dc.subject.jelG32en
dc.subject.ddc330en
dc.subject.keywordLending channelen
dc.subject.keywordBanken
dc.subject.keywordglobalen
dc.subject.keywordliquidityen
dc.subject.keywordtransmissionen
dc.subject.keywordinternal capital marketsen
dc.subject.stwInternationale Banken
dc.subject.stwGlobalisierungen
dc.subject.stwKreditgeschäften
dc.subject.stwTransmissionsmechanismusen
dc.subject.stwUSAen
dc.titleBanking globalization, monetary transmission and the lending channel-
dc.typeWorking Paperen
dc.identifier.ppn584593597en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:bubdp1:7446en

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