Journal of International Economics ( IF 3.712 ) Pub Date : 2021-07-29 , DOI: 10.1016/j.jinteco.2021.103519 Ricardo Correa , Horacio Sapriza , Andrei Zlate
Using supervisory data on the U.S. branches of foreign banks and their syndicated loans, we show that the branches of euro-area banks suffered a liquidity shock in the form of reduced access to wholesale funding from U.S. money market funds during the European sovereign debt crisis. Affected branches cut lending to U.S. firms mostly in the form of revolving credit and along the extensive margin, as increased funding from their parents only partially offset the liquidity shortfall. This shock was amplified by the reaction of exposed U.S. firms, which responded to the loss of credit lines by reducing investment and building up cash reserves. Our findings highlight the impact of funding stress encountered by global banks on firms' investment and precautionary savings.
中文翻译:
批发资金运行、全球银行的流动性保险供应和企业投资
我们使用外国银行在美国的分行及其银团贷款的监管数据表明,欧元区银行的分行在欧洲主权债务危机期间遭受了流动性冲击,其形式是减少从美国货币市场基金获得的批发资金。受影响的分支机构主要以循环信贷的形式削减对美国公司的贷款,并大幅削减了贷款,因为来自其母公司的资金增加仅部分抵消了流动性短缺。这种冲击被暴露的美国公司的反应放大了,这些公司通过减少投资和建立现金储备来应对信贷额度的损失。我们的研究结果强调了全球银行遇到的资金压力对公司投资和预防性储蓄的影响。