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标题：Decentralized multinational banks and risk taking: the Spanish experience in the crisis
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作者：Isabel Argimón
期刊名称：Documentos de Trabajo / Banco de España
印刷版ISSN：0213-2710
电子版ISSN：1579-8666
出版年度：2017
卷号：1
出版社：Banco de España
摘要：This paper analyses the effects of decentralized multinational banks, characterized by thelarge autonomy of the affiliates that the banking group has abroad, on bank’s risk, usingSpanish confidential supervisory data. Having activity abroad, in countries whose businessand financial cycles may be less than perfectly correlated with those of the home countrycan generate more stability in the results of the consolidated banking group. Such isolationshould be greater for multinational and decentralized banks. On the other hand, theinternational activity of banks may be associated to more risk taking as distance can hinderthe ability of a bank’s headquarters to monitor its subsidiaries or because of the more limitedknowledge of the host country that the group has. Which effect dominates is an empiricalmatter which could be taken into account in capital requirements and when carrying outstress-tests. We provide empirical evidence of the relevance of the model of entry intoforeign markets, international geographic diversification and business co-movementsbetween the Spanish and the host economy on bank’s ex-post risk. The results areconsistent with the hypothesis that geographic diversification reduces risk.
关键词：financial crises; geographic diversification; bank regulation; banking; risk.