Integración financiera y modelos de financiación de los bancos globales

Jose Maria Serena Garralda and Eva Valdeolivas

No 1401, Occasional Papers from Banco de España

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.

Keywords: financial integration; global banks; funding models (search for similar items in EconPapers)
JEL-codes: F36 F65 G15 G21 (search for similar items in EconPapers)
Pages: 46 pages
Date: 2014-05
New Economics Papers: this item is included in nep-ban
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Persistent link: https://EconPapers.repec.org/RePEc:bde:opaper:1401

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