Spring & Summer 2011, Volume 38 - Number 1 علمی-پژوهشی/ISC (14 صفحه - از 1 تا 14)
This paper aims to understand the structure and determinants of international bank lending among APEC economies. Specifically, this paper first aims to analyze whether Australia; Canada; Japan; Chinese Taipei; and the United States, which are the only APEC members for which international borrowing data are available, tend to lend more intensively to other APEC members than to non-APEC countries. This paper finds that the estimate for the APEC membership dummy in the equation for outward bank lending is positive and statistically significant, but the estimate for the APEC membership dummy becomes insignificant when a bilateral trade intensity variable is added, suggesting that closer ties in bank lending (outward) among APEC member economies are mostly due to closer ties in trade in goods. On the other hand, the estimates for the APEC membership dummy in the inward equation are negative and significant. This suggests that the 21 APEC member economies borrow more from non-APEC member economies than from the five APEC members. Finally, the five APEC member economies make fewer loans to the economies with a greater country risk. When the three disaggregated risk measures are added in the regression alternatively and concurrently, it is found that bank lending is positively associated with political and economic risks, but is negatively associated with financial risk. Thus, bank lenders from the five APEC member economies appear to make a proper assessment of the political and economic risks when making international loans.خلاصه ماشینی:
"Benchmark Model Empirical Specification 1 (Outward investment) We explore a panel data set on international bank claims by taking five APEC "source" economies: Australia; Canada; Japan; Chinese Taipei; and the United States, for the period 2001 - 2007. Therefore, we estimate the following equation: logAssetijt = α + β1logPOPit + β2logPOPjt + β3logPCGDPit + β4logPCGDPjt + β5logFinlibit + β6logFinlibjt + β7Returnit + β8Returnjt + β9logτijt + β10 r-Tradeijt + β11APECjt +β12EUROjt + ui + ut + (ijt (7) Empirical Specification 2 (Inward investment): As noted above, even though only a few APEC member economies are participating in the BIS report as reporting countries, all of them are included as partner economies. Table 3: Determinants of Cross-border Bank Claims (2001-2007) Financial liberalization and the rate of interest in both source and destination economies do not appear to have any discernible effect on outward bank lending, but the proxies for transaction and information costs, such as distance and the use of a common language, have statistically significant effects on the five APEC economies’ outward bank lending. But the estimate for the APEC membership dummy becomes insignificant when a bilateral trade intensity variable is added Table 4: Effects of Country Risk on Cross-border Bank Claims (2001-2007) suggesting that closer ties in bank lending (outward) among APEC member economies are mostly due to closer ties in trade in goods."
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