Global Banking Glut and Loan Risk Premium

Acharya, Viral, and Philipp Schnabl, 2009, “Do Global Banks Spread Global Imbalances? The Case of Asset-Backed Commercial Paper during the Financial Crisis of 2007-09,” IMF Economic Review, Vol. 58, No. 1, pp. 37–73.

Adrian, Tobias, and Hyun Song Shin, 2008, Procyclical Leverage and Value-at-Risk, Federal Reserve Bank of New York Staff Report 338. Available via the Internet: www.newyorkfed.org/research/staff_reports/sr338.html .

Adrian, Tobias, and Hyun Song Shin, 2010, “Liquidity and Leverage,” Journal of Financial Intermediation, Vol. 19, No. 3, pp. 418–437.

Adrian, Tobias, Paolo Colla, and Hyun Song Shin, 2011, “Which Financial Frictions? Parsing the Evidence from the Financial Crisis of 2007–9,” Working Paper.

Baba, Naohiko, Robert N. McCauley, and Srichander Ramaswamy, 2009, “US Dollar Money Market Funds and Non-US Banks,” BIS Quarterly Review, March, pp. 65–81.

Bank for International Settlements, 2009, Guide to the International Financial Statistics, Available via the Internet: www.bis.org/statistics/intfinstatsguide.pdf .

Bank for International Settlements, 2010, “Funding Patterns and Liquidity Management of Internationally Active Banks,” CGFS Papers 39, Committee on the Global Financial System, May.

Basel Committee on Banking Supervision, 2005, International Convergence of Capital Measurement and Capital Standards: A Revised Framework, Bank for International Settlements, November 2005. Available via the Internet: www.bis.org/publ/bcbs118.pdf .

Bernanke, Ben S., 2005, The Global Saving Glut and the U.S. Current Account Deficit, Remarks at the Sandridge Lecture, Virginia Association of Economists, Richmond, Virginia, March 10, 2005. Available via the Internet: www.federalreserve.gov/boarddocs/speeches/2005/200503102/ .

Bernanke, Ben S., Carol Bertaut, Laurie Pounder DeMarco, and Steven Kamin, 2011, International Capital Flows and the Returns to Safe Assets in the United States, 2003–2007, International Finance Discussion Papers Number 1014, Board of Governors of the Federal Reserve System. Available via the Internet: www.federalreserve.gov/pubs/ifdp/2011/1014/ifdp1014.htm .

Bertaut, Carol, Laurie Pounder DeMarco, Steven Kamin, and Ralph Tryon, 2011, ABS Inflows to the United States and the Global Financial Crisis, Board of Governors of the Federal Reserve System International Finance Discussion Paper 1028, August 2011. Available via the Internet: www.federalreserve.gov/pubs/ifdp/2011/1028/ifdp1028.pdf .

Borio, Claudio, and Piti Disyatat, 2011, “Global Imbalances and the Financial Crisis: Link or No Link?” BIS Working Papers No 346. Available via the Internet: www.bis.org/publ/work346.pdf .

Bruno, Valentina, and Hyun Song Shin, 2011, “Capital Flows, Cross-Border Banking and Global Liquidity,” Working Paper.

Caballero, Ricardo J., Emmanuel Farhi, and Pierre-Olivier Gourinchas, 2008, “An Equilibrium Model of “Global Imbalances” and Low Interest Rates,” American Economic Review, Vol. 98, No. 1, pp. 358–393.

Cetorelli, Nicola, and Linda S. Goldberg, 2009, “Banking Globalization and Monetary Transmission,” Forthcoming in Journal of Finance.

Cetorelli, Nicola, and Linda S. Goldberg, 2011, “Global Banks and International Shock Transmission: Evidence from the Crisis,” International Monetary Fund Economic Review, Vol. 59, No. 1, pp. 41–46.

Danielsson, Jon, others 2001, An Academic Response to Basel II, Financial Markets Group Special Paper 130, London School of Economics. Available via the Internet: www.hyunsongshin.org/www/basel2.pdf .

European Central Bank, 2011, Financial Stability Review, June 2011, ECB Frankfurt. Available via the Internet: www.ecb.eu/pub/fsr/html/index.en.html .

Fleming, J.Marcus, 1962, “Domestic Financial Policies Under Fixed and Floating Exchange Rates,” IMF Staff Papers, Vol. 9, pp. 369–379.

Gilchrist, Simon, and Egon Zakrajsek, 2011, “Credit Spreads and Business Cycle Fluctuations,” Forthcoming in American Economic Review.

Gourinchas, Pierre-Olivier, and Helene Rey, 2007, “International Financial Adjustment,” Journal of Political Economy, Vol. 115, No. 4, pp. 665–703.

Gourinchas, Pierre-Olivier, Nicolas Govillot, and Helene Rey, 2010, “Exorbitant Privilege and Exorbitant Duty,” Working Paper.

Hahm, Joon-Ho, Hyun Song Shin, and Kwanho Shin, 2011, “Non-Core Bank Liabilities and Financial Vulnerability,” Working Paper.

Kindleberger, Charles, 1965, “Balance of Payments Deficits and the International Market for Liquidity,” Princeton Essays in International Finance, No. 46, May 1965. Available via the Internet: www.princeton.edu/126ies/old_series-win.htm.

Lane, Philip, and Gian Maria Milesi-Ferretti, 2007, “The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities, 1970–2004,” Journal of International Economics, Vol. 73, pp. 223–250.

McGuire, Patrick, and Goetz von Peter, 2009, “The US Dollar Shortage in Global Banking and the International Policy Response,” BIS Working Paper 291 (Bank for International Settlements).

Milesi-Ferretti, Gian Maria, 2009, Notes on the Financial Crisis and Global Financial Architecture, in Causes of the Crisis: Key Lessons, Proceedings of the G20 Workshop on the Global Economy. Mumbai, May 2009. Available via the Internet: www.g20.org/Documents/g20_workshop_causes_of_the_crisis.pdf .

Mundell, Robert A., 1963, “Capital Mobility and Stabilization Policy Under Fixed and Flexible Exchange Rates,” Canadian Journal of Economic and Political Science, Vol. 29, No. 4, pp. 475–485.

Obstfeld, Maurice, 2012a, “Financial Flows, Financial Crises, and Global Imbalances,” Journal of International Money and Finance, Vol. 31, No. 2012, pp. 469–480.

Obstfeld, Maurice, 2012b, Does the Current Account Still Matter? Ely Lecture, delivered at the 2012 American Economic Association meeting. Forthcoming in the American Economic Review Papers and Proceedings, 2012. Available via the Internet: www.elsa.berkeley.edu/126obstfeld/Ely%20lecture.pdf.

Obstfeld, Maurice, and Kenneth Rogoff, 2007, “The Unsustainable U.S. Current Account Position Revisited,” in G7 Current Account Imbalances: Sustainability and Adjustment, ed. by Richard H. Clarida (Chicago: University of Chicago Press (for NBER).

Pozsar, Zoltan, 2011, “Institutional Cash Pools and the Triffin Dilemma of the U.S. Banking System,” IMF Working Paper, WP/11/190, August.

Shin, Hyun Song, 2010, Risk and Liquidity, 2008 Clarendon Lectures in Finance, (Oxford: Oxford University Press).

Shin, Hyun Song, and Kwanho Shin, 2010, “Procyclicality and Monetary Aggregates,” NBER Working Paper w16836. Available via the Internet: www.nber.org/papers/w16836 .

Vasicek, Oldrich, 2002, The Distribution of Loan Portfolio Value, Risk, December 2002. Available via the Internet: www.moodyskmv.com/conf04/pdf/papers/dist_loan_port_val.pdf .