張 南
   所属   広島修道大学  経済科学部
   職種   教授
言語種別 英語
発行・発表の年月 2019/02
形態種別 学術論文
査読 査読有り
標題 Global Flow of Funds and Uncertainty: Focus on the Cross-Border Financing
執筆形態 共著
掲載誌名 Advanced Studies in Economic Sciences, Information Systems, Economics and OR
掲載区分国内
出版社・発行元 Kyushu University Press
巻・号・頁 pp.11-31
頁数 21
担当範囲 Corresponding author
著者・共著者 @Nan Zhang & Li Zhu
概要 This paper try to clarify global uncertainty from the view of global flow of funds by investigating the uncertain shocking influence of Cross-Border Financing between China, Japan, and the U.S. using the Bank for International Settlements(BIS) Locational Banking Statistics data. The dyadic structure of this data allows to disentangle supply and demand factors and to better identify the effect of uncertainty shocks on cross-border banking flows. The results of this analysis suggest that: (i) uncertainty is both a push and pull factor that robustly predicts a decrease in both outflows (retrenchment) and inflows (stops); (ii) global banks rebalance their lending towards safer foreign borrowers from local borrowers when facing higher uncertainty; (iii) this rebalancing occurs only towards advanced economies (flight to quality), but not emerging market economies.