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The International Exposure of U.S. Banks

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  • Linda S. Goldberg

Abstract

This paper documents the changing international exposures of U.S. bank balance sheets since the mid-1980s. U.S. banks have foreign positions heavily concentrated in Europe, with more volatile flows to other regions of the world. In recent years some cross-border claims on Latin American countries have declined, while claims extended locally by the branches and subsidiaries of U.S. banks have grown. The foreign exposures of larger U.S. banks tend to be less volatile than claims of smaller banks, and locally-issued claims tend to be more stable than cross-border flows. Business cycle variables have mixed influence on U.S. bank cross-border and local claims. The cross-border claims of U.S. banks on European customers tend to be procyclical. By contrast, locally generated and cross border claims on Latin American customers of U.S. banks are not robustly related to either U.S. or country-specific business cycle variables. U.S. banks do not appear to be strong conduits for transmitting U.S. cycles to these smaller markets, and may instead serve a positive role in stabilizing the amplitude of foreign country cycles.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 11365.

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Date of creation: May 2005
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Publication status: published as Edwards, Sebastian. Capital Controls and Capital Flows in Emerging Economies: Policies, Practices, and Consequences (National Bureau of Economic Research Conference Report). Chicago: University of Chicago Press, 2007.
Handle: RePEc:nbr:nberwo:11365

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  1. Ben S. Bernanke & Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," NBER Working Papers 5146, National Bureau of Economic Research, Inc.
  2. Linda Goldberg, 2004. "Financial-Sector FDI and Host Countries: New and Old Lessons," NBER Working Papers 10441, National Bureau of Economic Research, Inc.
  3. Arturo Galindo & Alejandro Micco & Andrew Powell, 2005. "Loyal Lenders or Fickle Financiers: Foreign Banks in Latin America," Research Department Publications 4403, Inter-American Development Bank, Research Department.
  4. Linda S. Goldberg, 2001. "When Is U.S. Bank Lending to Emerging Markets Volatile?," NBER Working Papers 8209, National Bureau of Economic Research, Inc.
  5. B. Gerard Dages & Linda Goldberg & Daniel Kinney, 2000. "Foreign and domestic bank participation in emerging markets: lessons from Mexico and Argentina," Economic Policy Review, Federal Reserve Bank of New York, issue Sep, pages 17-36.
  6. Joe Peek & Eric S. Rosengren, 1996. "The international transmission of financial shocks: the case of Japan," Working Papers 96-1, Federal Reserve Bank of Boston.
  7. Adolfo Barajas & Roberto Steiner, 2002. "Credit Stagnation in Latin America," IMF Working Papers 02/53, International Monetary Fund.
  8. Eric Santor, 2007. "Contagion and the composition of Canadian banks' foreign asset portfolios: do financial crises matter?," CGFS Papers chapters, in: Bank for International Settlements (ed.), Research on global financial stability: the use of BIS international financial statistics, volume 29, pages 32-52 Bank for International Settlements.
  9. Sebastian Edwards & Jeffrey A. Frankel, 2002. "Preventing Currency Crises in Emerging Markets," NBER Books, National Bureau of Economic Research, Inc, number edwa02-2, octubre-d.
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Cited by:
  1. Alicia Garcia-Herrero & Fielding Chen, 2013. "Deleveraging from Emerging Markets: the Case of Euro-area Banks," Working Papers 1313, BBVA Bank, Economic Research Department.
  2. Claudia M. Buch & Alexander Lipponer, 2005. "Business Cycles and FDI: Evidence from German Sectoral Data," Kiel Working Papers 1245, Kiel Institute for the World Economy.
  3. Mejra Festić, 2011. "The role of the foreign banks in the 5 EU member states," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 13(1), pages 189-206, June.
  4. Schertler, Andrea & Tykvová, Tereza, 2006. "Rivals or partners? Evidence from Europe's international private equity deals," ZEW Discussion Papers 06-91, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  5. Sven Blank & Claudia M. Buch, 2007. "International Bank Portfolios: Short- and Long-Run Responses to the Business Cycle," IAW Discussion Papers 29, Institut für Angewandte Wirtschaftsforschung (IAW).
  6. Schertler, Andrea & Buch, Claudia M. & von Westernhagen, Natalja, 2006. "Heterogeneity in lending and sectoral growth: evidence from German bank-level data," Discussion Paper Series 2: Banking and Financial Studies 2006,04, Deutsche Bundesbank, Research Centre.
  7. Claessens, Stijn, 2006. "Competitive implications of cross-border banking," Policy Research Working Paper Series 3854, The World Bank.
  8. Wu, Ji & Jeon, Bang Nam & Luca, Alina C., 2010. "Does Distance Affect the Performance of Foreign Banks? Evidence from Multinational Banking in Developing Countries," MPRA Paper 37083, University Library of Munich, Germany, revised 01 Feb 2012.
  9. Jose A. Lopez & Mark M. Spiegel, 2006. "Foreign bank lending and bond underwriting in Japan during the lost decade," Working Paper Series 2006-45, Federal Reserve Bank of San Francisco.

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