Remarks at the Center for Transnational Legal Studies Seminar on the Impact of U.S. Regulatory Reform on Global Banks, New York City.

Presentation by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, for the European Economics and Financial Centre Distinguished Speakers Seminar, London, England, November 10, 2009

Individual banks differ substantially in their foreign operations. This paper introduces heterogeneous banks into a general equilibrium framework of banking across borders to explain the documented variation. While the model matches existing micro and macro evidence, novel and unexplored...