汇报: Regulatory Arbitrage and International Bank Flows

汇报人：Chen Lin （Chinese University of Hong Kong）

功夫：5月20日（周五）10:00-11:30am

地址：拉斯维加斯9888新楼217教室

提要：We investigate the factors influencing international bank flows over the past decade and consider whether cross-country differences in regulations have affected the flow of capital. We find strong evidence that banks have transferred funds to markets with fewer regulations. This form of regulatory arbitrage suggests there may be a destructive “race to the bottom” in global regulations which restricts domestic regulators' ability to limit bank risk-taking. However, we also we find that the links between regulation differences and bank flows are significantly stronger if the recipient country is a developed country with strong property rights and creditor rights. This suggests that while differences in regulations have important influences, that without a strong institutional environment, lax regulations are not enough to encourage massive capital flows.

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