Abstract This paper investigates the impact of capital flows on bank risk-taking behavior. It undertakes two levels of empirical estimations, namely (i) single-country industry-level; and (ii) multi-country industry-level estimations, covering emerging market economies. The results suggest that capital inflows, in the form of portfolio investment, is significant in raising risk-taking behavior. Large banks are less aggressive in their risk-taking behavior vis-à-vis smaller banks. Such impact of portfolio investment on risk-taking behavior is also shown in the multi-country level estimates.

中文翻译：

---

资本流动与银行冒险行为：来自印度尼西亚的证据

摘要本文研究了资本流动对银行冒险行为的影响。它进行两个级别的经验估计，即（i）单个国家的行业级别；（ii）涵盖新兴市场经济体的多国行业水平估算。结果表明，以证券投资形式的资本流入对提高冒险行为具有重要意义。大型银行与小型银行相比，在冒险行为方面不那么激进。证券投资对冒险行为的这种影响也显示在多国水平的估计中。