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Internationalization, foreign complexity and systemic risk: Evidence from European banks
Journal of Financial Stability ( IF 3.554 ) Pub Date : 2021-05-29 , DOI: 10.1016/j.jfs.2021.100892
Yassine Bakkar , Annick Pamen Nyola

Using a novel cross-European dataset on bank internationalization, the paper accounts for organizational and geographic complexity and evaluates its impact on systemic risk and how both the 2008–09 global financial crisis and the 2010–11 European sovereign debt crisis might have modified such an impact. Ahead of the crisis (2005–07), results suggest that bank complexity materially reduces systemic risk and enhances stability, as it encourages banks to take on more diversified risks. While such a relation is inverted during the crisis (2008–11) and after the crisis (2012–13), consistent with the view that, during distress times, international banks have less ability to monitor cross-border risks. Further evidence show that, regardless of the period, the effect of complexity on systemic risk is accentuated for ‘too-big-too-fail’ banks and banks with strong activity diversity. Conversely, complex banks with merger-acquisition history and banks operating networks of foreign branches mitigate systemic risk during the acute crisis and the later stage of the crisis, respectively. The results are robust to the use of alternative measures of systemic risk and complexity, and numerous additional tests. Findings bear critical policy implications for financial regulations.



中文翻译:

国际化、外国复杂性和系统性风险:来自欧洲银行的证据

该论文使用了一个关于银行国际化的新的跨欧洲数据集,解释了组织和地域的复杂性,并评估了其对系统性风险的影响,以及 2008-09 年全球金融危机和 2010-11 年欧洲主权债务危机可能如何改变这种影响。在危机之前(2005-07 年),结果表明银行的复杂性大大降低了系统性风险并增强了稳定性,因为它鼓励银行承担更多样化的风险。虽然这种关系在危机期间(2008-11 年)和危机后(2012-13 年)发生逆转,但与在危机时期国际银行监控跨境风险的能力较低的观点一致。进一步的证据表明,无论在哪个时期,复杂性对系统性风险的影响对于“太大而不能倒”的银行和具有很强活动多样性的银行来说更为突出。相反,具有并购历史的复杂银行和银行在外国分支机构的运营网络分别在严重危机和危机后期减轻了系统性风险。结果对于使用系统性风险和复杂性的替代措施以及许多其他测试是可靠的。调查结果对金融监管具有重要的政策影响。和许多额外的测试。调查结果对金融监管具有重要的政策影响。和许多额外的测试。调查结果对金融监管具有重要的政策影响。

更新日期:2021-06-24
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