Who Lends Before Banking Crises? Evidence from the International Syndicated Loan Market

References

• Acharya VV , Hasan I , Saunders A (2006) Should banks be diversified? Evidence from individual bank loan portfolios. J. Bus. 79(3):1355–1412.Crossref, Google Scholar
• Acharya VA , Crosignani M , Eisert T , Steffen S (2022) Zombie lending: Theoretical, international, and historical perspectives. Annual Rev. Financial Econom. 14(1):21–38.Crossref, Google Scholar
• Acharya VV , Eisert T , Eufinger C , Hirsch C (2018) Real effects of the sovereign debt crisis in Europe: Evidence from syndicated loans. Rev. Financial Stud. 31(8):2855–2896.Crossref, Google Scholar
• Acharya VV , Eisert T , Eufinger C , Hirsch C (2019) Whatever it takes: The real effects of unconventional monetary policy. Rev. Financial Stud. 32(9):3366–3411.Crossref, Google Scholar
• Ayyagari M , Beck T , Martinez Peria MS (2017) Credit growth and macroprudential policies: Preliminary evidence on the firm level. Bank for International Settlements, ed. Financial Systems and the Real Economy , vol. 91 (Bank for International Settlements, Basel, Switzerland), 15–34.Google Scholar
• Baron M , Verner E , Xiong W (2021) Banking crises without panics. Quart. J. Econom. 136(1):51–113.Crossref, Google Scholar
• Barth JR , Caprio G Jr , Levine R (2004) Bank regulation and supervision: What works best? J. Financial Intermediation 13(2):205–248.Crossref, Google Scholar
• Bharath S , Dahiya S , Saunders A , Srinivasan A (2007) So what do I get? The bank’s view of lending relationships. J. Financial Econom. 85(2):368–419.Crossref, Google Scholar
• Blickle K , Parlatore C , Saunders A (2021) Specialization in banking. Working paper, New York University, New York.Google Scholar
• Bord VM , Ivashina V , Taliaferro RD (2021) Large banks and small firm lending. J. Financial Intermediation 48:1–20.Crossref, Google Scholar
• Bräuning F , Ivashina V (2020) Monetary policy and global banking. J. Finance 75(6):3055–3095.Crossref, Google Scholar
• Brunnermeier MK , Reis R (2019) A crash course on the euro crisis. NBER Working Paper No. 26229, National Bureau of Economic Research, Cambridge, MA.Google Scholar
• Bruno V , Shin HS (2013) Cross-border banking and global liquidity. Rev. Econom. Stud. 82(2):535–564.Crossref, Google Scholar
• Calvo GA , Leiderman L , Reinhart CM (1996) Inflows of capital to developing countries in the 1990s. J. Econom. Perspect. 10(2):123–139.Crossref, Google Scholar
• Carvalho D (2015) Financing constraints and the amplification of aggregate downturns. Rev. Financial Stud. 28(9):2463–2501.Crossref, Google Scholar
• Cetorelli N , Goldberg LS (2012a) Banking globalization and monetary transmission. J. Finance 67(5):1811–1843.Crossref, Google Scholar
• Cetorelli N , Goldberg LS (2012b) Liquidity management of U.S. global banks: Internal capital markets in the great recession. J. Internat. Econom. 88(2):299–311.Crossref, Google Scholar
• Chodorow-Reich G (2014) The employment effects of credit market disruptions: Firm-level evidence from the 2008–9 financial crisis. Quart. J. Econom. 129(1):1–59.Crossref, Google Scholar
• De Haas R , Van Horen N (2013) Running for the exit? International bank lending during a financial crisis. Rev. Financial Stud. 26(1):244–285.Crossref, Google Scholar
• Desai MA , Foley CF , Forbes KJ (2008) Financial constraints and growth: Multinational and local firm responses to currency depreciations. Rev. Financial Stud. 21(6):2857–2888.Crossref, Google Scholar
• Erten B , Korinek A , Ocampo AJA (2021) Capital controls: Theory and evidence. J. Econom. Literature 59(1):1–45.Crossref, Google Scholar
• Farhi E , Werning I (2016) A theory of macroprudential policies in the presence of nominal rigidities. Econometrica 84(5):1645–1704.Crossref, Google Scholar
• Favara G , Giannetti M (2017) Forced asset sales and the concentration of outstanding debt: Evidence from the mortgage market. J. Finance 72(3):1081–1118.Crossref, Google Scholar
• Forbes KJ , Warnock FE (2012) Capital flow waves: Surges, stops, flight, and retrenchment. J. Internat. Econom. 88(2):235–251.Crossref, Google Scholar
• Forbes KJ , Warnock FE (2021) Capital flow waves—Or ripples? Extreme capital flow movements since the crisis. J. Internat. Money Finance 116(C):102394.Crossref, Google Scholar
• Gadanecz B , Von Kleist K (2002) Do syndicated credits anticipate BIS consolidated banking data? BIS Quart. Rev. 7:65–74.Google Scholar
• Gennaioli N , Shleifer A , Vishny R (2015) Neglected risks: The psychology of financial crises. Amer. Econom. Rev. 105(5):310–314.Crossref, Google Scholar
• Giannetti M (2007) Financial liberalization and banking crises: The role of capital inflows and lack of transparency. J. Financial Intermediation 16(1):32–63.Crossref, Google Scholar
• Giannetti M , Laeven L (2012a) The flight home effect: Evidence from the syndicated loan market during financial crises. J. Financial Econom. 104(1):23–43.Crossref, Google Scholar
• Giannetti M , Laeven L (2012b) Flight home, flight abroad, and international credit cycles. Amer. Econom. Rev. 102(3):219–224.Crossref, Google Scholar
• Giannetti M , Ongena S (2009) Financial integration and firm performance: Evidence from foreign bank entry in emerging markets. Rev. Finance 13(2):181–223.Crossref, Google Scholar
• Giannetti M , Saidi F (2019) Shock propagation and banking structure. Rev. Financial Stud. 32(7):2499–2540.Crossref, Google Scholar
• Gourinchas P-O , Obstfeld M (2012) Stories of the twentieth century for the twenty-first. Amer. Econom. J. Macroeconom. 4(1):226–265.Crossref, Google Scholar
• Granja J , Leuz C , Rajan R (2022) Going the extra mile: Distant lending and credit cycles. J. Finance 77(2):1259–1324.Crossref, Google Scholar
• Greenwood RM , Hanson SG (2013) Issuer quality and corporate bond returns. Rev. Financial Stud. 26(6):1483–1525.Crossref, Google Scholar
• Greenwood RM , Hanson SG , Shleifer A , Sørensen J (2022) Predictable financial crises. J. Finance 77(2):863–921.Crossref, Google Scholar
• Hellmann TF , Murdock KC , Stiglitz JE (2000) Liberalization, moral hazard in banking, and prudential regulation: Are capital requirements enough? Amer. Econom. Rev. 90(1):147–165.Crossref, Google Scholar
• Ivashina V , Scharfstein D (2010) Bank lending during the financial crisis of 2008. J. Financial Econom. 97(3):319–338.Crossref, Google Scholar
• Jordà Ò , Schularick M , Taylor AM (2011) Financial crises, credit booms, and external imbalances: 140 years of lessons. IMF Econom. Rev. 59(2):340–378.Crossref, Google Scholar
• Jordà Ò , Schularick M , Taylor AM (2017) Macrofinancial history and the new business cycle facts. Eichenbaum M , Parker JA , eds. NBER Macroeconomics Annual 2016 , vol. 31, no. 1 (University of Chicago Press, Chicago), 213–263.Crossref, Google Scholar
• Jordà Ò , Knoll K , Kuvshinov D , Schularick M , Taylor AM (2019) The rate of return on everything, 1870–2015. Quart. J. Econom. 134(3):1225–1298.Google Scholar
• Keeley MC (1990) Deposit insurance, risk, and market power in banking. Amer. Econom. Rev. 80(5):1183–1200.Google Scholar
• Korinek A (2018) Regulating capital flows to emerging markets: An externality view. J. Internat. Econom. 111(C):61–80.Crossref, Google Scholar
• Korinek A , Simsek A (2016) Liquidity trap and excessive leverage. Amer. Econom. Rev. 106(3):699–738.Crossref, Google Scholar
• Krishnamurthy A , Muir T (2017) How credit cycles across a financial crisis. Working paper, Stanford University, Stanford, CA.Google Scholar
• Krugman P (1999) What happened to Asia. Sato R , Ramachandran RV , Mino K , eds. Global Competition and Integration. Research Monographs in Japan-U.S. Business and Economics , vol. 4 (Springer, Boston), 315–327.Crossref, Google Scholar
• Levine R (2005) Finance and growth: Theory and evidence. Aghion P, Durlauf SN, eds. Handbook of Economic Growth , vol. 1, part A (Elsevier, Amsterdam), 865–934.Google Scholar
• López-Salido D , Stein JC , Zakrajšek E (2017) Credit-market sentiment and the business cycle. Quart. J. Econom. 132(3):1373–1426.Crossref, Google Scholar
• Lorenzoni G (2008) Inefficient credit booms. Rev. Econom. Stud. 75(3):809–833.Crossref, Google Scholar
• Loutskina E , Strahan PE (2011) Informed and uninformed investment in housing: The downside of diversification. Rev. Financial Stud. 24(5):1447–1480.Crossref, Google Scholar
• Mian A , Sufi A (2014) What explains the 2007–2009 drop in employment? Econometrica 82(6):2197–2223.Crossref, Google Scholar
• Mian A , Sufi A , Verner E (2017) Household debt and business cycles worldwide. Quart. J. Econom. 132(4):1755–1817.Crossref, Google Scholar
• Müller K , Verner E (2024) Credit allocation and macroeconomic fluctuations. Rev. Econom. Stud. Forthcoming.Crossref, Google Scholar
• Paravisini D , Rappoport V , Schnabl P (2023) Specialization in bank lending: Evidence from exporting firms. J. Finance 78(4):2049–2085.Crossref, Google Scholar
• Presbitero AF , Udell GF , Zazzaro A (2014) The home bias and the credit crunch: A regional perspective. J. Money Credit Banking 46(s1):53–85.Crossref, Google Scholar
• Reinhart CM , Rogoff KS (2009) This Time Is Different: Eight Centuries of Financial Folly (Princeton University Press, Princeton, NJ).Google Scholar
• Richter B , Schularick M , Shim I (2019) The costs of macroprudential policy. J. Internat. Econom. 118(C):263–282.Crossref, Google Scholar
• Ruckes M (2004) Bank competition and credit standards. Rev. Financial Stud. 17(4):1073–1102.Crossref, Google Scholar
• Schularick M , Taylor AM (2012) Credit booms gone bust: Monetary policy, leverage cycles, and financial crises, 1870–2008. Amer. Econom. Rev. 102(2):1029–1061.Crossref, Google Scholar
• Sufi A , Taylor AM (2021) Chapter 7 – Financial crises: A survey. Gopinath G, Helpman E, Rogoff K, eds. Handbook of International Economics (Elsevier, Amsterdam), 291–340.Google Scholar
• Thakor A (2015) Lending booms, smart bankers, and financial crises. Amer. Econom. Rev. 105(5):305–309.Crossref, Google Scholar