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Discussion Paper
How Do Liquidity Conditions Affect U.S. Bank Lending?
Correa, Ricardo; Rice, Tara N.; Goldberg, Linda S. (2014-10-15)
The recent financial crisis underscored the importance of understanding how liquidity conditions for banks (or other financial institutions) influence the banks' lending to domestic and foreign customers.
IFDP Notes , Paper 2014-10-15

Report
Risks in U.S. bank international exposures
Goldberg, Linda S.; Cetorelli, Nicola (2006)
U.S. banks have substantial exposure to foreign markets such as Europe and Latin America. In this paper, we show how the amounts and forms of these exposures have evolved over time and note the changes in embodied risks taken through banks' cross-border activity, local claims, and derivative positions. Our findings vary with the type of U.S. bank. Compared with other banks, money-center banks tend to have a greater share of their assets in foreign exposures. Some of money-center banks' exposure to riskier countries, particularly Latin American countries, is achieved through the activities of ...
Staff Reports , Paper 240

Discussion Paper
Cross-Country Evidence on Transmission of Liquidity Risk through Global Banks
Chapman, James T. E.; Goldberg, Linda S.; Buch, Claudia M. (2014-10-01)
Over the past thirty years, the typical large bank has become a global entity with subsidiaries in many countries. In parallel, financial liberalization has increased the interconnectedness of banking systems, with domestic banking systems becoming more exposed to shocks transmitted through foreign banks. This globalization of banking propagated liquidity risk during the global financial crisis and subsequent euro area crisis. Unfortunately, little is known about how cross-border operations of global banks transmit liquidity shocks between countries. The seminal work by Peek and Rosengren ...
Liberty Street Economics , Paper 20141001

Report
The international transmission of monetary policy
Buch, Claudia M.; Bussiere, Matthieu; Goldberg, Linda S.; Hills, Robert (2018-03-01)
This paper presents the novel results from an internationally coordinated project by the International Banking Research Network (IBRN) on the cross-border transmission of conventional and unconventional monetary policy through banks. Teams from seventeen countries use confidential micro-banking data for the years 2000 through 2015 to explore the international transmission of monetary policies of the United States, the euro area, Japan, and the United Kingdom. Two other studies use international data with different degrees of granularity. International spillovers into lending to the private ...
Staff Reports , Paper 845

Discussion Paper
Towards Increasing Complexity: The Evolution of the FX Market
Chaboud, Alain P.; Chung, Lisa; Goldberg, Linda S.; Nordstrom, Anna (2024-01-11)
The foreign exchange market has evolved extensively over time, undergoing important shifts in the types of market participants and the mix of instruments traded, within a trading ecosystem that has become increasingly complex. In this post, we discuss fundamental changes in this market over the past twenty-five years and highlight some of the implications for its future evolution. Our analysis suggests that maintaining a healthy price discovery process and fostering a level playing field among participants are areas to watch for challenges. The consequences of the evolution of the FX ...
Liberty Street Economics , Paper 20240111

Report
A bargaining theory of trade invoicing and pricing
Goldberg, Linda S.; Tille, Cedric (2013-04-01)
We develop a theoretical model of international trade pricing in which individual exporters and importers bargain over the transaction price and exposure to exchange rate fluctuations. We find that the choice of price and invoicing currency reflects the full market structure, including the extent of fragmentation and the degree of heterogeneity across importers and across exporters. Our study shows that a party has a higher effective bargaining weight when it is large or more risk tolerant. A higher effective bargaining weight of importers relative to exporters in turn translates into lower ...
Staff Reports , Paper 611

Journal Article
Overview of the volume ; Special issue: lessons from recent crises in Asian and other emerging markets
Klitgaard, Thomas; Goldberg, Linda S. (2000-09)
Economic Policy Review , Issue Sep , Pages 1-2

Discussion Paper
U.S. Monetary Policy as a Changing Driver of Global Liquidity
Goldberg, Linda S.; Avdjiev, Stefan; Gambacorta, Leonardo; Schiaffi, Stefano (2017-10-11)
International capital flows channel large volumes of funds across borders to both public and private sector borrowers. As they are critically important for economic growth and financial stability, understanding their main drivers is crucial for both policymakers and researchers. In this post, we explore the evolving impact of changes in U.S. monetary policy on global liquidity.
Liberty Street Economics , Paper 20171011

Speech
Global Liquidity: Drivers, Volatility and Toolkits
Goldberg, Linda S. (2022-11-10)
Remarks at the International Monetary Fund, 23rd Jacques Polak Annual Research Conference.
Speech

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