This paper studies the bilateral determinants of the international asset positions of banks, and subsequent bilateral adjustment during the global financial crisis and ensuing recovery phase. We find empirical support for traditional gravity-type variables. Exploiting a comprehensive dataset of bilateral bank assets, combined with a cross-country database on capital controls and macroeconomic policies, empirical evidence is provided for the effects of macroeconomic tools on the portfolio reallocation of internationally active banks. Specifically, higher current account balances in recipient countries are associated with higher inflows in debt assets, while restrictions on asset inflows and higher central bank reserves are related to lower cross-border flows of bank investment during the crisis and post-crisis periods, with heterogeneous effects across asset type. Finally, stronger institutions in recipient countries are positively associated with the international investment of banks, with inflows to debt assets being the most sensitive asset category across the financial cycle.

中文翻译：

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双边跨境银行业务和宏观经济决定因素

本文研究了银行国际资产头寸的双边决定因素，以及在全球金融危机和随后的复苏阶段随后进行的双边调整。我们发现了传统重力类型变量的经验支持。利用双边银行资产的综合数据集，结合有关资本控制和宏观经济政策的跨国数据库，为宏观经济工具对国际活跃银行资产组合再分配的影响提供了经验证据。具体而言，受援国经常账户余额的增加与债务资产的流入增加有关，而资产流入的限制和中央银行准备金的增加与危机期间和危机后时期银行投资的跨境流动减少有关，跨资产类型产生不同的影响。最后，受援国更强大的机构与银行的国际投资有着积极的联系，债务资产的流入是整个金融周期中最敏感的资产类别。