International banking since the global financial crisis: implications for international financial stability
Résumé
Since the global financial crisis of 2008-09, capital flows have undergone significant changes. More specifically, while foreign direct investment and equity portfolio investment have continued to grow, international banking flows have experienced a significant decline without having yet recovered to their pre-crisis level. First, we investigate the international financing market in dollars and show that the dependence of non-US banks has decreased. Second, we investigate the emergence of new risks related to the so-called weaponization of money.