Using a sample of almost 600 banks in Latin America, we show that capital account liberalization lowers the share of equity and raises the share of interbank funding in total liabilities of the banking system. These shifts are mostly due to large banks; smaller banks, instead, increase their resort to retail funding by offering higher average deposit interest rates than larger banks. We also find significant differences in the behavior of banks with seemingly greater information opacity. These findings have positive implications for macro-prudential regulation.

中文翻译：

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资本账户开放与银行负债构成

我们使用拉丁美洲近 600 家银行的样本，表明资本账户开放降低了股权比例，提高了银行同业拆借资金在银行体系总负债中的比例。这些转变主要是由于大型银行；相反，小银行通过提供比大银行更高的平均存款利率来增加对零售资金的利用。我们还发现，信息不透明度似乎更高的银行的行为存在显着差异。这些发现对宏观审慎监管具有积极意义。