Journal of International Economics · 2026 · Francisco E. Ilabaca、Robert Mann、Philip Mulder
中文摘要
我们利用有关在美国开展业务的全球银行对外债权与负债的监管数据,研究跨国放贷机构如何应对国外发生的大型自然灾害。我们的双重差分估计显示,平均而言,在发生本应增加资金需求的毁灭性灾害后,国际银行并未增加对相关国家的放贷。与信息摩擦的解释相一致,我们的结果表明,设有海外分支机构、且在受灾国灾前放贷关系更为紧密的银行,其灾后放贷水平更高。我们的估计预测,各国在灾后国际放贷上存在相当大的异质性:较贫穷国家的放贷大幅下降,较富裕国家的放贷则有所增加。
Abstract
We use regulatory data on the foreign claims and liabilities of global banks with U.S. operations to study how multinational lenders respond to large natural disasters abroad. Our difference-in-difference estimates show that, on average, international banks do not increase their lending to countries after destructive disasters that should increase the demand for funds. Consistent with information frictions, our results show that post-disaster lending is higher among banks with foreign affiliate offices and stronger pre-disaster lending relationships in affected countries. Our estimates predict substantial heterogeneity across countries in post-disaster international lending, with poorer countries seeing substantial declines and increases among richer countries.