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Report
Do banks follow their customers abroad?
The market share of U.S. business loans made by foreign-owned banks has increased dramatically since 1980. At the same time, foreign direct investment in the U.S. rose, so that much of the increase in foreign-owned U.S.-based bank lending to businesses in the U.S. could conceivably be accounted for by an increase in loans to the U.S. affiliates of firms headquartered abroad, an expectation in line with the conventional wisdom that bans "follow their customers" abroad. Our study investigates the lending patterns of U.S.-based banks from Japan, Canada, France, Germany, the Netherlands, and ...
Journal Article
Has foreign bank entry led to sounder banks in Latin America?
Policymakers continue to debate the merits of opening emerging market financial sectors to foreign ownership. A comparison of the 1995-2000 performance of foreign and domestic banks in select Latin American countries reveals that while foreign banks differed little from their domestic counterparts in overall financial condition, they showed more robust loan growth, a more aggressive response to asset quality deterioration, and a greater ability to absorb losses_characteristics that could help to strengthen the financial systems of their host countries.
Journal Article
Financial sector FDI and host countries: new and old lessons
Foreign direct investment (FDI) into the financial sectors of emerging economies soared during the 1990s, leaving many countries with banking sectors owned primarily by foreign institutions. While the implications of FDI into emerging markets are well documented, less clearly understood is how the host countries are affected by financial sector FDI specifically. An understanding of this relationship is crucial for countries formulating policy with respect to foreign banks. This article argues that many lessons learned from work on FDI into manufacturing and primary resource industries apply ...
Journal Article
International banking, risk, and U.S. regulatory policies
Working Paper
Deposit insurance assessments on deposits at foreign branches of U.S. banks
Under current law, domestic deposits of federally insured banks are subject to a 1/12th of one percent per annum insurance assessment, while foreign deposits are not. This paper examines the arguments for and against extending this assessment to foreign branch deposits of insured banks, which in the aggregate amount to more than $200 billion. These arguments are based on real or imagined effects on FDIC revenues, the competitive position of various types of U.S. banks, international lending, bank capital format ion, the functioning of the international interbank markets, the general ...
Newsletter
China up close: understanding the Chinese economy and financial system (special issue)
In March 2007, the authors paid a weeklong visit to Beijing and Shanghai, China. In this article, they summarize some of the most striking impressions from their visit concerning the Chinese economy and financial system.
Report
Liquidity management of U.S. global banks: internal capital markets in the Great Recession
The recent crisis highlighted the importance of globally active banks in linking markets. One channel for this linkage is the liquidity management of these banks, specifically the regular flow of funds between parent banks and their affiliates in diverse foreign markets. We use the Great Recession as an opportunity to identify the balance-sheet shocks to parent banks in the United States and then explore which features of foreign affiliates are associated with protecting, for example, their status as important locations in sourcing funding or as destinations for foreign investment activity. ...
Journal Article
Foreign financial institutions in Japan
Conference Paper
Politics of deposit insurance reform: the case of Argentina