The state of financial globalization
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- Cross-border capital flows have shrunk by 65{5e7f07e14add20b2e04f4edb85a447d3cd8121fc27b809645e9fed603c22cc5c} during the period from 2007 to 2016.
- Large European banks, particularly those in the Eurozone, are leading the retreat from foreign markets
- Japanese and Canadian banks are increasing their foreign presence
- China’s four largest banks have increased foreign lending by more than ten times
The new dynamics of financial globalization
Authors: Susan Lund, Eckart Windhagen, James Manyika, Philipp Härle, Jonathan Woetzel, and Diana Goldshtein
From: McKinsey Global Institute
Deconstructing the Global Financial Cycle
Cerutti and al. use capital flow data, dis-aggregated by direction and type, between 1990Q1 and 2015Q4 for 85 countries to show that the Global Financial Cycle can explain a mere quarter of the variation in capital flows in these countries.
How Important is the Global Financial Cycle? Evidence from Capital Flows
Authors: Eugenio Cerutti, Stijn Claessens and Andrew K. Rose
From: IMF
The “Anna Karenina Principle”
Amiti and al. argue that during periods of non-crisis international bank flows are well explained by global factors but during crisis periods aggregate and country specific flows are determined by idiosyncratic factors.
Supply- and demand-side factors in global banking
Authors: Mary Amiti, Patrick McGuire and David E Weinstein
From:BIS
