Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/340012 
Erscheinungsjahr: 
2026
Schriftenreihe/Nr.: 
Deutsche Bundesbank Discussion Paper No. 12/2026
Verlag: 
Deutsche Bundesbank, Frankfurt a. M.
Zusammenfassung: 
We examine how foreign macroprudential tightening transmits through multinational firms' internal capital markets. Using subsidiary exposure to countercyclical capital buffer (CCyB) increases, we find that while bank credit to subsidiaries falls 10 percent, parents fully substitute this via internal debt. Parents refinance this internal support by increasing borrowing from domestic banks and nonbanks, meeting the substitution needs of their subsidiaries. As a result, foreign CCyB tightening increases the exposure and risk borne by the parent's home jurisdiction. These findings reveal an unintended spillover: tightening in one country raises credit exposure and thereby borrower risk borne by lenders elsewhere through proactive internal financial redistributions within multinational corporations.
Schlagwörter: 
multinational corporation
internal capital market
countercyclical capital buffer
banks
nonbanks
JEL: 
F23
F34
F36
G21
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-3-98848-069-9
Dokumentart: 
Working Paper
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