The DOI matches its Crossref record; 34 of the 34 references it cites were found in a registry or an index.
Banking Globalization and Monetary Transmission
Abstract
Globalization of banking raises questions about banks’ liquidity management, their response to liquidity shocks, and the potential for international shock propagation. We conjecture that global banks manage liquidity on a global scale, actively using cross‐border internal funding in response to local shocks. Having global operations insulates banks from changes in monetary policy, while banks without global operations are more affected by monetary policy than previously found. We provide direct evidence that internal capital markets are active in global banks and contribute to the international propagation of shocks. This feature was at play during the financial crisis of 2007–2009.
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Cites
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A Simple, Positive Semi-Definite, Heteroskedasticity and AutocorrelationConsistent Covariance Matrix
Newey, W., & West, K. (1986) · National Bureau of Economic Research · doi:10.3386/t0055 · Cited by 12,278
Inside the black box: the credit channel of monetary policy transmission
Bernanke, B. S., & Gertler, M. (1995) · Journal of Economic Perspectives · doi:10.1257/jep.9.4.27 · Cited by 4,211
What Do a Million Observations on Banks Say About the Transmission of Monetary Policy?
Kashyap, A. K., & Stein, J. C. (2000) · American Economic Review · doi:10.1257/aer.90.3.407 · Cited by 2,495
Information Production and Capital Allocation: Decentralized versus Hierarchical Firms
Stein, J. C. (2002) · The Journal of Finance · doi:10.1111/0022-1082.00483 · Cited by 2,421
Berger, A. N., Miller, N. H., Petersen, M. A., Rajan, R. G., & Stein, J. C. (2005) · Journal of Financial Economics · doi:10.1016/j.jfineco.2004.06.003 · Cited by 1,888
Tracing the Impact of Bank Liquidity Shocks: Evidence from an Emerging Market
Khwaja, A. I., & Mian, A. (2008) · American Economic Review · doi:10.1257/aer.98.4.1413 · Cited by 1,843
Internal Capital Markets and the Competition for Corporate Resources
STEIN, J. C. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb03810.x · Cited by 1,777
The Cost of Diversity: The Diversification Discount and Inefficient Investment
Rajan, R., Servaes, H., & Zingales, L. (2000) · The Journal of Finance · doi:10.1111/0022-1082.00200 · Cited by 1,683
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Cited by
International Channels of Transmission of Monetary Policy and the Mundellian Trilemma
Rey, H. (2016) · IMF Economic Review · doi:10.1057/imfer.2016.4 · Cited by 478
Metadata
- Authors
- CETORELLI, N., & GOLDBERG, L. S.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2012-09-12
- Volume
- 67
- Issue
- 5
- Pages
- 1811-1843
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3122515577
- Cited by
- 774
- References
- 34
- FWCI
- 97.64
- Type
- journal article
- Language
- en
- Open access
- closed
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