Spatial dependence via the internal capital markets of US global banks

Article


D'Avino, C. and Shabani, M. 2023. Spatial dependence via the internal capital markets of US global banks. Journal of Money, Credit and Banking. In Press. https://doi.org/10.1111/jmcb.13101
AuthorsD'Avino, C. and Shabani, M.
Abstract

In this paper we estimate the cross-border liquidity network created by US global banks via their internal capital markets to capture the spatial dependence or bilateral proximity between branches located in different countries. Results from dynamic spatial panel regressions indicate that the foreign branches in nearby countries show common lending patterns. A 1% increase in lending in branches in proximate locations is associated with an estimated increase of 0.25% in local lending. Further interdependencies are evidenced by the positive liquidity and monetary policy spillovers on local lending, with marginal spatial effects estimated to be around 1.11% and 0.14%, respectively.

JournalJournal of Money, Credit and Banking
Journal citationIn Press
ISSN1538-4616
Year2023
PublisherWiley for The Ohio State University
Accepted author manuscript
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Anyone
Digital Object Identifier (DOI)https://doi.org/10.1111/jmcb.13101
Publication dates
Online18 Oct 2023
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Accepted09 Oct 2023
Deposited10 Oct 2023
Copyright holder© 2023, Wiley
Copyright informationThis article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions. This article may not be enhanced, enriched or otherwise transformed into a derivative work, without express permission from Wiley or by statutory rights under applicable legislation. Copyright notices must not be removed, obscured or modified. The article must be linked to Wiley’s version of record on Wiley Online Library and any embedding, framing or otherwise making available the article or pages thereof by third parties from platforms, services and websites other than Wiley Online Library must be prohibited.
Additional information

This is the peer reviewed version of the following article: D'Avino, C. and Shabani, M. 2023. Spatial dependence via the internal capital markets of US global banks. Journal of Money Banking and Credit. In press., which will be published in final form at https://onlinelibrary.wiley.com/doi/full/10.1111/jmcb.13101

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