跨境银行贷款币种选择的决定因素  

Determinants of Currency Choice in Cross-border Bank Loans

作　　者：Lorenz Emter Peter McQuade Swapan-Kumar Pradhan Martin Schmitz 李丽丽(翻译) 周正铭(翻译) Lorenz Emter

机构地区：[1]欧洲中央银行 [2]不详

出　　处：《新金融》2025年第1期68-74,共7页New Finance

摘　　要：本文深入探讨了跨境银行借贷中货币选择的决定因素,如双边距离、与主要货币发行国的金融和贸易联系以及发行货币模式。以美元、欧元计价的跨境银行借贷高度集中在少数几个国家。英国在以欧元计价的国际贷款网络中处于核心地位,尽管有初步迹象表明,自英国脱欧以来,英国在非银行贷款方面的作用有所减弱。离岸金融中心在美元贷款方面举足轻重,尤其是对开曼群岛非银行金融中介机构的贷款,这可能是监管和税收优化策略的结果。实证分析表明,与美元贷款相比,欧元贷款面临“距离约束”,这与贸易吸引力模型的预测一致。研究发现,欧元和美元贸易结算与银行贷款之间存在互补性。This paper provides insights into the determinants of currency choice in cross-border bank lending,such as bilateral distance,financial and trade linkages to issuer countries of major currencies,and invoicing currency patterns.Crossborder bank lending in US dollars,and particularly in Euro,is highly concentrated in a small number of countries.The UK is central in the international network of loans denominated in Euro,although there are tentative signs that this role has diminished for lending to non-banks since Brexit.Offshore financial centres are pivotal for US dollars loans,reflecting,in particular,lending to non-bank financial intermediaries in the Cayman Islands,possibly as a result of regulatory and tax optimisation strategies.The empirical analysis suggests that Euro-denominated loans face the“tyranny of distance”,in line with predictions of gravity models of trade,in contrast to US dollar loans.Complementarities between trade invoicing and bank lending are found for both the Euro and the US dollar.

关 键 词：主导货币范式 货币面值 跨境银行 吸引力 

分 类 号：F832[经济管理—金融学]