1{2 "validation_errors": [],3 "doc_id": "jof_12959",4 "ontology_version": "1.0",5 "prompt_version": "1.0",6 "model": "claude-opus-5-5",7 "effort": "medium",8 "annotated_at": "2026-11-03T23:16:06+00:00",9 "source_sha256": "6daa7ff6013b0a81a05094f2d85285dac3df2ec67ae206bc3c820fd9f3a5b3ec",10 "parser": "pymupdf-jof-heuristics-1.3",11 "payload_chars": 18426,12 "usage": {13 "input": 6314,14 "output": 1811,15 "cache_read": 3968,16 "cache_write": 017 },18 "cost_usd": 0.06227,19 "request_id": "req_011Cggr23eUojpAyvc4DvqGv",20 "annotation": {21 "genre": "mixed_theory_empirical",22 "subfield": "financial_intermediation_banking",23 "subfield_secondary": "international_finance",24 "primary_method": "reduced_form_regression",25 "identification": {26 "estimand": "Effect of the host-home interest rate differential (IOER rates) on a global bank's foreign-currency loan supply",27 "strategy": "Within-borrower and within-syndicate comparison across banks from different currency areas. Borrower-quarter and lender-quarter fixed effects isolate supply responses to IOER differentials. This is complemented by firm-level exposure analysis based on the past share of foreign banks.",28 "key_assumptions": [29 "Borrower-quarter fixed effects absorb time-varying loan demand",30 "Lender-quarter fixed effects absorb home-country shocks to banks",31 "Changes in IOER differentials are not driven by borrower-specific credit conditions"32 ],33 "threats_addressed": [34 "Loan demand confounding",35 "Home-country shocks to bank health (e.g., Japanese banking crisis)"36 ],37 "causal_language_strength": 3,38 "uses_causal_claim": true39 },40 "abstract_moves": {41 "question": {42 "present": true,43 "sentence_index": 044 },45 "gap": {46 "present": true,47 "sentence_index": 148 },49 "method": {50 "present": true,51 "sentence_index": 352 },53 "results": {54 "present": true,55 "sentence_index": 256 },57 "magnitude": {58 "present": false,59 "sentence_index": -160 },61 "contribution": {62 "present": false,63 "sentence_index": -164 }65 },66 "introduction": {67 "moves": [68 {69 "paragraph_index": 0,70 "move": "motivation"71 },72 {73 "paragraph_index": 0,74 "move": "contribution_statement"75 },76 {77 "paragraph_index": 0,78 "move": "mechanism_or_theory_sketch"79 },80 {81 "paragraph_index": 1,82 "move": "preview_of_results"83 },84 {85 "paragraph_index": 1,86 "move": "identification_defense"87 },88 {89 "paragraph_index": 2,90 "move": "preview_of_results"91 },92 {93 "paragraph_index": 3,94 "move": "related_literature_positioning"95 },96 {97 "paragraph_index": 3,98 "move": "literature_gap"99 },100 {101 "paragraph_index": 4,102 "move": "roadmap"103 }104 ],105 "contribution_paragraph_index": 3,106 "contribution_types": [107 "new_theory_or_model",108 "new_evidence"109 ],110 "roadmap_present": true,111 "literature_positioning_location": "inside_introduction"112 },113 "section_roles": [114 {115 "idx": 0,116 "role": "introduction"117 },118 {119 "idx": 1,120 "role": "theory"121 },122 {123 "idx": 2,124 "role": "data"125 },126 {127 "idx": 3,128 "role": "results"129 },130 {131 "idx": 4,132 "role": "conclusion"133 }134 ],135 "results_presentation": {136 "economic_significance_discussed": true,137 "statistical_significance_language": "unclear",138 "magnitude_statements_in_intro": true139 },140 "robustness": {141 "location": "none_seen",142 "types": []143 },144 "tables": {145 "convention_notes": "Table notes define dependent variables, units of observation (bank×currency×quarter, borrower-lender), and units (USD billions, percentage points, percent). The first table lists IOER rate changes by currency area.",146 "units_stated_in_notes": true,147 "standard_errors_description": "unclear"148 },149 "figures": {150 "uncertainty_shown": "unclear"151 },152 "conclusion": {153 "bounded_claims": false,154 "policy_implications": false,155 "open_questions": false,156 "restates_contribution": true157 },158 "hedging": {159 "level": "low",160 "typical_devices": [161 "'tend to' phrasing",162 "'is associated with' for firm-level magnitudes",163 "model-conditional statements ('if capital constrained')"164 ]165 },166 "claim_evidence": [167 {168 "claim": "With limited equity, lower domestic rates raise domestic lending and reduce foreign lending",169 "evidence_type": "equation_or_proof",170 "evidence_ref": "Section I model"171 },172 {173 "claim": "Introduction of IOER led to a large rise in foreign banks' Fed reserve holdings",174 "evidence_type": "figure",175 "evidence_ref": "Figure 1"176 },177 {178 "claim": "A 25bp IOER differential lowers foreign-bank lending probability ~1.6% and volume ~3.6%",179 "evidence_type": "table",180 "evidence_ref": "Table VII"181 },182 {183 "claim": "Firms with a larger past share of foreign banks get fewer and smaller loans after home-country easing",184 "evidence_type": "table",185 "evidence_ref": "Table VIII"186 },187 {188 "claim": "Bank-level foreign currency lending share responds to the IOER difference",189 "evidence_type": "table",190 "evidence_ref": "Table VI"191 }192 ],193 "structural_summary": "The introduction motivates the paper with the scale of global bank activity, then claims a first framework linking monetary policy to loan supply across currencies via capital constraints. It previews bank-firm and firm-level results with magnitudes and defends identification through fixed effects. It positions the paper against the internal capital markets literature and closes with a roadmap. A simple analytical model derives testable hypotheses. Data from Call Reports, BIS and DealScan feed results that move from aggregate US and cross-country evidence to bank-, loan- and borrower-level regressions. The conclusion restates that spillovers run opposite to the internal markets view.",194 "writing_profile_keywords": [195 "model-then-test",196 "capital constraint mechanism",197 "syndicated loans",198 "fixed effects identification",199 "cross-border spillovers",200 "contrarian to existing view"201 ],202 "confidence": 0.8,203 "notes": "Standard error treatment and robustness checks are not visible in the excerpts. Significance conventions are unclear."204 },205 "deterministic_checks": {206 "roadmap_regex": true,207 "contribution_regex_in_intro": true,208 "magnitude_in_abstract": false,209 "abstract_n_sentences": 4,210 "intro_n_paragraphs": 5,211 "intro_n_words": 833,212 "causal_words_in_abstract": 0,213 "hedge_words_in_abstract": 0,214 "stars_mentioned": false,215 "clustered_se_mentioned": false,216 "internet_appendix_mentioned": false,217 "section_roles_rule": {218 "0": "introduction",219 "1": "theory",220 "2": "data",221 "3": "results",222 "4": "conclusion"223 }224 },225 "schema_valid": true,226 "code_version": "87c73cd-dirty"227}