Monetary Policy and Global Banking
---- Acknowledgements ----
We thank seminar participants at the AFA 2017, Bank of Canada, Banque de France, Copenhagen Business School, Duke University, European Central Bank, FRIC Annual Conference, Federal Reserve Bank of Boston, Federal Reserve Bank of Chicago, Federal Reserve Bank of Cleveland, Federal Reserve Board, Global Research Forum on International Macroeconomics and Finance 2016, IBEFA Summer Meeting 2016, NBER Summer Institute 2016, Nova School of Business and Economics, UIUC, University of Miami, University of Porto, and WCWIF 2016, for helpful comments. We are particularly grateful to François Gourio, Ali Ozdagli, Joe Peek, Jeremy Stein, and Christina Wang, and our discussants Morten Bech, Nicola Cetorelli, Stijn Claessens, Linda Goldberg, Michael Hutchison, Jose Lopez, Teodora Paligorova, and Skander Van den Heuvel, for detailed feedback. Botao Wu provided remarkable assistance with the data collection.
The views expressed in this paper are those of the authors and do not necessarily represent the views of the Federal Reserve Bank of Boston, the Federal Reserve System, or the National Bureau of Economic Research. There was no external financial support provided for this paper.
---- Disclosure of Financial Relationships for Victoria Ivashina ----
In the past three years, I received significant financial support from the Federal Reserve Bank of Boston, and European Central Bank.