Global Banks and International Shock Transmission: Evidence from the Crisis
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The views expressed in this paper are those of the individual authors and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System. Address correspondences to Linda S. Goldberg, Federal Reserve Bank of NY, Research Department, 33 Liberty St, New York, N.Y. 10045. email: Linda.Goldberg@ny.frb.org or Nicola.Cetorelli@ny.frb.org . We acknowledge the valuable comments from anonymous reviewers, Romain Ranciere, and participants in the IMF-Banque de France-Paris School of Economics Conference on Economic Linkages, Spillovers and the Financial Crisis (January 2010). We thank Patrick McGuire and Goetz von Peter for their assistance and thoughtful insights on data on cross-country vulnerabilities of banking sectors to dollar market conditions. We thank Craig Kennedy for his research support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.