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Spatial Dependence via the Internal Capital Markets of U.S. Global Banks

Author

Listed:
  • Carmela d'Avino

    (ESC [Rennes] - ESC Rennes School of Business)

  • Mimoza Shabani

    (UEL - University of East London)

Abstract

In this paper, we estimate the cross‐border liquidity network created by U.S. 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.

Suggested Citation

  • Carmela d'Avino & Mimoza Shabani, 2023. "Spatial Dependence via the Internal Capital Markets of U.S. Global Banks," Post-Print hal-04942412, HAL.
    • Handle: RePEc:hal:journl:hal-04942412
    DOI: 10.1111/jmcb.13101
    as

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