BIS Working Papers. Business Models and Dollar Funding of Global Banks. No 708. Monetary and Economic Department
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- Kathryn Pierce
- 5 years ago
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1 BIS Working Papers No 708 Business Models and Dollar Funding of Global Banks by Iñaki Aldasoro, Torsten Ehlers and Egemen Eren Monetary and Economic Department March 2018 JEL classification: G15, F30, G21, G28 Keywords: Global banks, dollar funding, money market funds, relationship frictions, US Money Market Fund reform
2 BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The papers are on subjects of topical interest and are technical in character. The views expressed in them are those of their authors and not necessarily the views of the BIS. This publication is available on the BIS website ( Bank for International Settlements All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN (print) ISSN (online)
3 Business Models and Dollar Funding of Global Banks \ding{73 \mathrm{\~\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{, \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{, \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ 1 Abstract \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{, \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{. \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{. \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{ ``\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{."" \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ (\mathrm{\mathrm{\mathrm{\mathrm{), \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{. \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{, \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{' \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{. \mathrm{\mathrm{ff\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ff\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{. \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{. \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{, \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{. \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{. \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{, \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{fi\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{. Keywords: \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{, \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{, \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{, \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{, \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ JEL: : \mathrm{15, \mathrm{30, \mathrm{21, \mathrm{28 \ding{73 This draft: March 19, First draft: July 25, We thank Alyssa Anderson (discussant), Viktoria Baklanova, Falk Br\"auning, Stijn Claessens, Benjamin Cohen, Mathias Drehmann, Wenxin Du, Darrell Duffie, Daniela Gabor, Motohiro Hatanaka, Victoria Ivashina, Moritz Lenel, Gianpaolo Parise, Fabiola Ravazzolo, Dagfinn Rime (discussant), Andreas Schrimpf, Hyun Song Shin, Vlad Sushko, Sigurd Ulland, our colleagues at the BIS, the seminar participants at the Stanford SITE 2017, 4th Bank of Canada-Bank of Spain Workshop on International Financial Markets, ECB Workshop on Money Markets, EPFL, Federal Reserve Bank of New York, Federal Reserve Board, IMF, Japan FSA, OFR, RIETI, U. St Gallen, European Systemic Risk Board, Bundesbank and Goethe University Frankfurt, and various market participants for helpful comments and suggestions. Giulio Cornelli provided excellent research assistance. The views expressed here are those of the authors only, and not necessarily those of the Bank for International Settlements. All errors are our own. 1 Bank for International Settlements, Centralbahnplatz 2, 4051 Basel, Switzerland. : Inaki.Aldasoro@bis.org, Torsten.Ehlers@bis.org, Egemen.Eren@bis.org (Corresponding author).
4 USD trn ``I need a dollar dollar, a dollar is what I need. And if I share with you my story 0.0 would you share your dollar with me."" Aloe Blacc Introduction Banks by nationality / location of headquarters: Japan Canada United Kingdom Switzerland France Germany Source: BIS locational banking statistics; BIS consolidated banking statistics; authors calculations. \mathrm{\mathrm{\mathrm{-\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \$12.6 \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ - \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ (\mathrm{\mathrm{\mathrm{\mathrm{ (2012), \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{, \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ (2015)). \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ (\mathrm{\mathrm{\mathrm{) \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{, \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{, \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{. \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ 2007 \mathrm{\mathrm{\mathrm{ 2017, \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ Non-US \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ banks \mathrm{\mathrm{ global \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ US dollar \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ assets: \mathrm{\mathrm{\mathrm{\mathrm{ The \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ rise of Japanese \mathrm{\mathrm{ 88\%, banks \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ 42\% (\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ 1) Netherlands Figure 1: Non-US banks' global US dollar assets: The rise of Japanese banks USD trn Banks by nationality / location of headquarters: Japan Canada United Kingdom Switzerland France Germany Netherlands Note: Excludes interoffice positions. Source: BIS locational banking statistics; BIS consolidated banking statistics. \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{, \mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{fl\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ 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\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{. \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{, \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{, \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{- \mathrm{\mathrm{\mathrm{\mathrm{ 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\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{? \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ 2
5 Restricted Balance sheet positions of US branches and agencies of foreign banks By nationality of parent bank Figure 2: Balance Sheets of US Branches and Agencies of Foreign Banks Japanese banks French banks German banks UK banks USD bn USD bn USD bn USD bn Assets (positive values): Cash Loans Net due from HQ Reverse repos Other assets Liabilities (negative values): Deposits Net due to HQ Repos Other liabilities Japanese banks French banks German banks UK banks Source: FFIEC 002USD bn USD bn USD bn USD bn \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ 50\mathrm{ff\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ 50\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ 50 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(\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{), \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ (\mathrm{\mathrm{), \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{fi\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ 50 (\mathrm{\mathrm{) \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{-\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ 50 \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ 50 (\mathrm{\mathrm{\mathrm{\mathrm{) \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ (\mathrm{\mathrm{\mathrm{\mathrm{). \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{fi\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ fi\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{fi\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{. 05 \mathrm{\mathrm{ 07 09\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{ ``\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ 05 07\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{."" \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ Net liquidity \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ Net due \mathrm{\mathrm{\mathrm{\mathrm{ from HQ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ Net due to HQ\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{, provisioning to HQ (assets) (liabilities) \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{, \mathrm{\mathrm{\mathrm{ 5-\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ Source: US FFIEC002 Call Reports; authors calculations. \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{. \mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{, \mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ \mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{\mathrm{ 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