Running for the Exit? International Bank Lending During a Financial Crisis

摘要: We use loan-level data to examine how large international banks reduced their cross-border lending after the collapse of Lehman Brothers. Country, firm, and bank fixed effects allow us disentangle credit supply demand simultaneously control for unobserved traits countries firms they lend to. document substantial heterogeneity in extent which different retrenched from same country. Banks less markets that were geographically close; where more experienced; operated a subsidiary; integrated into network domestic co-lenders.