2023-04-26-全球发展中心-跨国银行的监管套利和贷款地点决策（英）_53页_795kb

Regulatory Arbitrage and Loan Location Decisions by Multinational Banks

Asli Demirgüç-Kunt, Bálint L. Horváth, and Harry Huizinga examine the impact of international capital regulation differences on multinational banks’ loan location decisions. Using syndicated loan data, the study finds that banks avoid locations with stricter capital rules.

Key findings:

1. Borrower Transparency & Regulatory Arbitrage: Higher transparency (e.g., credit ratings, lower cultural barriers, greater language similarity) increases loan location sensitivity to regulatory arbitrage, suggesting a trade-off between information collection efficiency and regulatory leniency.

2. Post-Crisis Trend: Regulatory arbitrage declined after the 2008 crisis, linked to tighter capital standards and heightened supervision, especially in advanced economies.

3. Distortion of Lending: Arbitrage may lead to less efficient information acquisition, impairing lending quality despite financial gains.

The analysis, based on 1999–2016 data from 42 multinational banking groups across 151 countries, underscores regulatory arbitrage's influence on cross-border lending volumes and systemic risk.