Banking globalization, local lending, and labor market effects : Micro-level evidence from Brazil

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Titel: Banking globalization, local lending, and labor market effects : Micro-level evidence from Brazil
Författare: Noth, Felix ; Busch, Matias Ossandon
Institution: Bank of Finland
Avdelning / Enhet: Institute for Economies in Transition (BOFIT)
Serie: BOFIT Discussion Papers
Serienumber: 11/2017
Utgivningsår: 2017
Utgivningsdatum: 14.6.2017
Sidor: 70
Subject (yso): pankit; työmarkkinat; luotot; rahoitusmarkkinat; rahoitus; luotonanto; häiriöt; kriisit
Nyckelord: Bofit-kokoelma; pankkitoiminta; Brasilia
JEL: E24; E44; G01; G21
Andra nyckelord: financial crisis; international shock transmission; bank lending; regional labor markets
Abstrakt: This paper estimates the effect of a foreign funding shock to banks in Brazil after the collapse of Lehman Brothers in September 2008. Our robust results show that bank-specic shocks to Brazilian parent banks negatively affected lending by their individual branches and trigger real economic consequences in Brazilian municipalities: More affected regions face restrictions in aggregated credit and show weaker labor market performance in the aftermath which documents the transmission mechanism of the global financial crisis to local labor markets in emerging countries. The results represent relevant information for regulators concerned with the real effects of cross-border liquidity shocks.
Licens: https://helda.helsinki.fi/bof/copyright


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