Integración financiera y modelos de financiación de los bancos globales

Series: Occasional Papers. 1401.

Author: José María Serena and Eva Valdeolivas.

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Integración financiera y modelos de financiación de los bancos globales (794 KB)

Abstract

Cross-border bank flows are experiencing a protracted contraction after the global financial crisis, in stark contrast with the recovery of other capital flows. The process can be driven by ongoing shifts in global banks international funding patters. Banks net issuances in international markets are contracting, on aggregate terms. Global banks are also obtaining less wholesale funding from their branches in key financial centers. These trends are to some extent driven by regulatory measures aimed at achieving more stable funding patterns. They are also consequence of the financial crisis on advanced economies banking systems. Financial integration could experience a structural change in these trends persist. Before the crisis, it was defined by large cross-border bank flows. The current trend could imply a growing relevance of banks’ international expansion through independent banking subsidiaries. As a side effect, banks cross-border retrenchment could foster financial disintermediation in international markets. Large international issuances by non-financial corporations could be incipient signs of such process.