Foreign banks contribute potentially large longer-term benefits to their host economies (see, for example, Claessens and van Horen 2012). But the experience of the recent crisis has revealed that their lending can be more cyclical than that of domestic banks (Cetorelli and Goldberg 2011, Claessens and van Horen 2012, De Haas and Lelyveld 2011).
Foreign bank lending during the Crisis: Evidence on branches vs subsidiaries
John Hooley, Glenn Hoggarth, Yevgeniya Korniyenko, 14 February 2014
Dark side of housing-price appreciation
Indraneel Chakraborty, Itay Goldstein, Andrew MacKinlay, 25 November 2013
Policymakers around the world often worry about decreases in real-estate prices and other asset prices, and take measures to prevent them. For example, in the aftermath of the financial crisis, the Federal Reserve has engaged in large-scale asset purchases – especially of mortgage-backed assets – to support the housing market and, in turn, the overall economy.
From sovereign turmoil to private-sector woes: Italian sovereign spreads and their pass-through to bank lending conditions
Edda Zoli, 15 June 2013
Volatility in the Italian sovereign-debt market intensified in the summer of 2011, with ten-year government bond spreads climbing from below 200 basis points in June to over 500 at end-2011 and falling again in July 2012. In January of this year, they fell further to below 300 basis points.
Who gets the credit? And does it matter? Household vs. firm lending across countries
Thorsten Beck, Berrak Buyukkarabacak, Felix Rioja, Neven Valev, 9 July 2009
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