We examine the role of US monetary policy in banking crises across the world by using a cross-country database spanning 69 countries over the 1870–2010 period. US monetary policy tightening increases the probability of a banking crisis for those countries with direct linkages to the USA, either in the form of trade links or significant share of USD-denominated liabilities. Conversely, if a country is integrated globally, rather than having a direct exposure, the effect is ambiguous. These findings suggest that the effect of US monetary policy in global banking crises is not uniform and is largely dependent on the nature of linkages with the USA.

中文翻译：

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美国货币政策在全球银行业危机中的作用

我们使用一个跨国家数据库，涵盖了1870-2010年期间的69个国家/地区，研究了美国货币政策在全球银行业危机中的作用。对于那些与美国有直接联系的国家，无论是贸易联系形式还是大量美元计价负债，美国收紧货币政策都会增加银行业危机的可能性。相反，如果一个国家在全球范围内一体化，而不是直接受到影响，后果将不明确。这些发现表明，美国货币政策在全球银行业危机中的影响并不统一，并且在很大程度上取决于与美国之间联系的性质。