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Report
Banking globalization, transmission, and monetary policy autonomy
Goldberg, Linda S. (2013-09-01)
International financial linkages, particularly through global bank flows, generate important questions about the consequences for economic and financial stability, including the ability of countries to conduct autonomous monetary policy. I address the monetary autonomy issue in the context of the international policy trilemma: Countries seek three typically desirable but jointly unattainable objectives?stable exchange rates, free international capital mobility, and monetary policy autonomy oriented toward, and effective at, achieving domestic goals. I argue that global banking entails some ...
Staff Reports , Paper 640

Journal Article
Has foreign bank entry led to sounder banks in Latin America?
Dages, B. Gerard; Goldberg, Linda S.; Crystal, Jennifer S. (2002-01)
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.
Current Issues in Economics and Finance , Volume 8 , Issue Jan

Working Paper
Liquidity Risk and U.S. Bank Lending at Home and Abroad
Correa, Ricardo; Goldberg, Linda S.; Rice, Tara N. (2014-05-29)
While the balance sheet structure of U.S. banks influences how they respond to liquidity risks, the mechanisms for the effects on and consequences for lending vary widely across banks. We demonstrate fundamental differences across banks without foreign affiliates versus those with foreign affiliates. Among the nonglobal banks (those without a foreign affiliate), cross-sectional differences in response to liquidity risk depend on the banks' shares of core deposit funding. By contrast, differences across global banks (those with foreign affiliates) are associated with ex ante liquidity ...
International Finance Discussion Papers , Paper 1105

Journal Article
Financial sector FDI and host countries: new and old lessons
Goldberg, Linda S. (2007-03)
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 ...
Economic Policy Review , Volume 13 , Issue Mar , Pages 1-17

Report
Trade Uncertainty and U.S. Bank Lending
Correa, Ricardo; di Giovanni, Julian; Goldberg, Linda S.; Minoiu, Camelia (2023-11-01)
This paper uses U.S. loan-level credit register data and the 2018–2019 Trade War to test for the effects of international trade uncertainty on domestic credit supply. We exploit cross-sectional heterogeneity in banks’ ex-ante exposure to trade uncertainty and find that an increase in trade uncertainty is associated with a contraction in bank lending to all firms irrespective of the uncertainty that the firms face. This baseline result holds for lending at the intensive and extensive margins. We document two channels underlying the estimated credit supply effect: a wait-and-see channel by ...
Staff Reports , Paper 1076

Conference Paper
Foreign direct investment, trade, and real exchange rate linkages in developing countries
Goldberg, Linda S.; Klein, Michael W. (1996)
Proceedings

Discussion Paper
Why Did U.S. Branches of Foreign Banks Borrow at the Discount Window during the Crisis?
Goldberg, Linda S.; Skeie, David R. (2011-04-13)
To help contain the economic damage caused by the recent financial crisis, the Federal Reserve extended large amounts of liquidity to financial firms through traditional lending facilities such as the discount window as well as through newly designed facilities. Recently released Federal Reserve data on discount window borrowing show that some U.S. branches and agencies of foreign banks were among the most active users of the window. In this post, we explain why U.S. branches borrow at the discount window. We also discuss two main reasons why these branches had a large need for dollars during ...
Liberty Street Economics , Paper 20110413

Journal Article
Overview of the volume ; Special issue: lessons from recent crises in Asian and other emerging markets
Klitgaard, Thomas; Goldberg, Linda S. (2000-09)
Economic Policy Review , Issue Sep , Pages 1-2

Journal Article
The Fed’s Central Bank Swap Lines and FIMA Repo Facility
Choi, Mark; Goldberg, Linda S.; Lerman, Robert; Ravazzolo, Francesco (2022-07-01)
Building on the facility design and application experience from the global financial crisis, in March 2020 the Federal Reserve eased the terms on its standing swap lines in collaboration with other central banks, reactivated temporary swap agreements, and introduced the new Foreign and International Monetary Authorities (FIMA) Repo Facility. While these facilities have similarities, they differ in their operations, breadth of counterparties, and range of potential effects. This article provides key details on these facilities and highlights evidence that they can reduce strains in global ...
Economic Policy Review , Volume 28 , Issue 1

Discussion Paper
2nd Annual International Roles of the U.S. Dollar Conference
Chaboud, Alain P.; Correa, Ricardo; Douglass, Patrick; Goldberg, Linda S.; Londono, Juan M.; Ravazzolo, Fabiola (2023-06-23)
The U.S. dollar plays a central role in the global economy. In addition to being the most widely used currency in foreign exchange transactions, it represents the largest share in official reserves, international debt securities and loans, cross-border payments, and trade invoicing.
FEDS Notes , Paper 2023-06-23-4

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