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The Global Banking Network in the Aftermath of the Crisis : Is There Evidence of De-globalization?

Author: Eugenio Cerutti; Haonan Zhou; International Monetary Fund.
Publisher: Washington, D.C. : International Monetary Fund, 2017.
Series: IMF working paper, no. 17/232.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
Post-crisis dynamics show a shrinkage in the overall amount of crossborder bank lending, which has been interpreted in the literature as a retreat in financial globalization. In this paper, we argue that aggregate figures are not sufficient to support such a claim in terms of the overall structure of the global banking network. Based on a systematic approach to measuring, mapping and analyzing financial  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print Version:
Cerutti, Eugenio
The Global Banking Network in the Aftermath of the Crisis: Is There Evidence of De-globalization?
Washington, D.C. : International Monetary Fund,2017
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Eugenio Cerutti; Haonan Zhou; International Monetary Fund.
ISBN: 1484324862 9781484324868 1484328574 9781484328576
OCLC Number: 1032578558
Notes: Available in PDF, ePUB, and Mobi formats on the Internet.
Description: 1 online resource (45 pages).
Series Title: IMF working paper, no. 17/232.
Other Titles: IMF eLibrary.
Responsibility: Eugenio M Cerutti.

Abstract:

Post-crisis dynamics show a shrinkage in the overall amount of crossborder bank lending, which has been interpreted in the literature as a retreat in financial globalization. In this paper, we argue that aggregate figures are not sufficient to support such a claim in terms of the overall structure of the global banking network. Based on a systematic approach to measuring, mapping and analyzing financial interconnectedness among countries using network theory, we show that, despite the decline in aggregate lending volumes, the structure of the network has developed increased connections in some dimensions. Some parts of the network are currently more interlinked regionally than before the crisis, and less dependent on major global lenders. In this context, at a more disaggregate level, we document the characteristics of the increasing regionalization of lending flows, the different evolution of linkages through bank affiliates and direct cross-border claims, as well as the shift in the importance of key borrower and lender nodes. These changes in the banking network have important insights in terms of policy implications since they indicate that the global banking network has evolved, but it has not undergone a generalized retrenchment in financial linkages.

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