| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28892 |
| 来源ID | Working Paper 28892 |
| Global Banks and Systemic Debt Crises | |
| Juan M. Morelli; Pablo Ottonello; Diego J. Perez | |
| 发表日期 | 2021-06-07 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We study the role of global financial intermediaries in international lending. We construct a model of the world economy, in which heterogeneous borrowers issue risky securities purchased by financial intermediaries. Aggregate shocks transmit internationally through financial intermediaries' net worth. The strength of this transmission is governed by the degree of frictions intermediaries face in financing their risky investments. We provide direct empirical evidence on this mechanism showing that around Lehman Brothers' collapse, emerging-market bonds held by more distressed global banks experienced larger price contractions. A quantitative analysis of the model shows that global financial intermediaries play a relevant role in driving borrowing-cost and consumption fluctuations in emerging-market economies, during both debt crises and regular business cycles. The portfolio of financial intermediaries and the distribution of bond holdings in the world economy are key to determine aggregate dynamics. |
| 主题 | Macroeconomics ; Business Cycles ; International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w28892 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586566 |
| 推荐引用方式 GB/T 7714 | Juan M. Morelli,Pablo Ottonello,Diego J. Perez. Global Banks and Systemic Debt Crises. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28892.pdf（625KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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