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dc.contributor.authorFillat, Jose L.en_US
dc.contributor.authorGaretto, Stefaniaen_US
dc.contributor.authorSmith, Arthur V.en_US
dc.date.accessioned2019-08-02T17:00:12Z
dc.date.available2019-08-02T17:00:12Z
dc.date.issued2018-10-01
dc.identifierhttp://people.bu.edu/garettos/FGS_18.pdf
dc.identifier.citationJose L. Fillat, Stefania Garetto, Arthur V. Smith. "What are the consequences of global banking for the international transmission of shocks? A quantitative analysis."
dc.identifier.other25203
dc.identifier.urihttps://hdl.handle.net/2144/36994
dc.description.abstractThe global financial crisis of 2008 was followed by a wave of regulatory reforms that affected large banks, especially those with a global presence. These reforms were reactive to the crisis. In this paper we propose a structural model of global banking that can be used proactively to perform counterfactual analysis on the effects of alternative regulatory policies. The structure of the model mimics the US regulatory framework and highlights the organizational choices that banks face when entering a foreign market: branching versus subsidiarization. When calibrated to match moments from a sample of European banks, the model is able to replicate the response of the US banking sector to the European sovereign debt crisis. Our counterfactual analysis suggests that pervasive subsidiarization, higher capital requirements, or ad hoc monetary policy interventions would have mitigated the effects of the crisis on US lending.en_US
dc.description.urihttps://www.nber.org/papers/w25203
dc.relation.ispartofNational Bureau of Economic Research
dc.subjectBanking regulationen_US
dc.subjectGlobal banksen_US
dc.subjectShock transmissionen_US
dc.titleWhat are the consequences of global banking for the international transmission of shocks? A quantitative analysisen_US
dc.typeArticleen_US
dc.description.versionPublished versionen_US
pubs.declined2019-01-28T21:34:04.750+0000en_US
pubs.elements-sourcemanual-entryen_US
pubs.notesEmbargo: No embargoen_US
pubs.organisational-groupBoston Universityen_US
pubs.organisational-groupBoston University, College of Arts & Sciencesen_US
pubs.organisational-groupBoston University, College of Arts & Sciences, Department of Economicsen_US
pubs.publication-statusSubmitteden_US
dc.identifier.mycv406176


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