We investigate the impact of the 2023 banking crisis, the most significant banking system turmoil since the Global Financial Crisis (GFC), on co-movement between the United States (U.S.) and global banking sectors. Using wavelet coherence and beta regressions, we find strong contagion during the crisis. The crisis primarily impacted co-movement through a change in U.S. monetary policy and heightened risk perceptions. Post-crisis, interdependence weakened, although contagion persisted for some countries. Our results highlight the success of post-GFC reforms and swift government and central bank interventions in containing systemic risk during the crisis and suggest increased post-crisis diversification opportunities for investors.

中文翻译：

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跨境冲击波：2023 年银行业危机是否重塑了全球银行业的联系？

我们调查了 2023 年银行业危机（全球金融危机 （GFC） 以来最严重的银行系统动荡）对美国 （U.S.） 和全球银行业之间合作活动的影响。使用小波相干和 β 回归，我们发现危机期间具有很强的传染性。这场危机主要通过美国货币政策的变化和风险认知的提高来影响协同运动。危机后，相互依存关系减弱，尽管一些国家的传染仍然存在。我们的结果突出了全球金融危机后改革的成功以及政府和央行在危机期间遏制系统性风险方面的迅速干预，并表明投资者在危机后增加了多元化机会。