Banking on Foreigners: The Behavior of International Bank Claims on Latin America, 1985-2000

Pería, María Soledad Martínez; Powell, Andrew; Hollar, Ivanna Vladkova

doi:10.2307/30035971

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2011

2024

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Cited by 30 publications

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“…On the expansion and role of foreign banks in emerging economies see for exampleGoldberg (2002), Martínez-Peria,Powell and Vladkova (2005) andGalindo, Micco and Powell (2005).2 We have fewer than 50 firms in countries where there are less than 50 listed domestically owned non-financial corporations.…”

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confidence: 99%

The Second Wave of Global Liquidity: Why Are Firms Acting Like Financial Intermediaries?

Panizza,

Caballero,

Powell

2016

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Recent work suggests non-financial firms have acted like financial intermediaries particularly in emerging economies. This paper corroborates these findings but then asks "why?" The results indicate evidence for carry-trade activities, but they are focused on countries with higher levels of capital controls, particular controls on inflows. There is little evidence for such activities given other potential motives. It is posited that this phenomenon is due more to the reaction of countries in the face of low global interest rates, quantitative easing and strong capital inflows than incomplete markets or the retreat of global banks due to impaired balance sheets or tighter regulations.

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confidence: 99%