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Global Factors in Non-core Bank Funding and Exchange Rate Flexibility
CEPR
2023.11.29
We show that fluctuations in the ratio of non-core to core funding in the banking systems of advanced economies are driven by a handful of global factors of both real and financial natures, with country-specific factors playing no significant roles. Exchange rate flexibility helps insulate the non-core to core ratio from such global factors but only significantly so outside periods of major global shocks, as in 2007-2009 and 2020.