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ABB TP852 3BSC950263R1

1. Introduction. The role of global banks as vehicle of international shock transmission has been clearly highlighted during the Great Recession. A crisis that started affecting a specific subset of banks, all from predominantly developed countries, spread across the globe in good part as a result of significant cross-border balance sheet adjustments of such banks (e.g., Acharya and Schnabl 2010, Cetorelli and Goldberg 2011, Shin 2011). That global banks can contribute to international shock transmission is per se not a new notion. Basic evidence attesting their role goes back at least as far as Peek and Rosengren (1997, 2000). However, there have been at least two important developments since those contributions. The first is that the scale and scope of the consequences of global banking activity is an order of magnitude greater today than it was in the 1990s. As Figure 1 shows, the international claims of global banks from BIS reporting countries (highly representative of the universe) have grown ten-fold over the last twenty years, peaking at about $25 Trillion in 2007. Second, we have developed a better understanding of the specific mechanics of international transmission associated with global banking. In other words, not only do we know that global banks contribute to international shock transmission, but we know better how that happens. Traditional channels of transmission through cross border lending are welldocumented. Yet, recent decades have increasingly been characterized by banks setting up and serving clients through branches and subsidiaries established in foreign locations (Claessens and van Horen 2012). Applying basic corporate finance principles, it has been conjectured that global banks can respond to a funding shock by activating capital markets internal to the organization, reallocating funds across locations in response to their relative needs. Cetorelli and Goldberg (Forthcoming) have documented such dynamics, providing evidence of actual cross border, intra-bank funding flows between global banks’ head offices and their foreign operations in response to domestic shocks. This internal funding reallocation can lead to adjustments in the external investments (e.g. lending and securities holdings) of their foreign operations, thus establishing another specific channel of international transmission. Importantly, this feature of internal funding allocation has been shown to be a common characteristic of global banks’ conduct, observable in “normal” times and not just in times of crisis. Hence, global banks manage liquidity on a global scale, and this liquidity management aspect is at the heart of the contribution of global banks to international shock transmission