Global liquidity flows are largely channeled through banks and nonbank financial institutions. The common drivers of … global liquidity flows include monetary policy in advanced economies and risk conditions. At the same time, the sensitivities … of liquidity flows to changes in these drivers differ across institutions and have been evolving over time …

paper presents a simple model on the choice between bank debt and bond finance which builds on Rajan (1992), and it uses two … new datasets to test the implications, focusing on bilateral cross-border bank claims and bond holdings. We find support …Pecking order models of international finance suggest that countries should become less reliant on international bank …

This paper studies how global banks transmit liquidity shocks via their internal capital markets. The unexpected access … as our liquidity shock. Using microdata on all affiliates abroad, we test whether affiliates located outside the US … actively managed internal capital markets and the increased centralization of global banks' liquidity management at the …