Running for the Exit? International Bank Lending During a Financial Crisis
利用贷款级数据，研究雷曼兄弟倒闭后大型国际银行如何减少跨境贷款，发现银行对地理接近、经验丰富、设有子公司或与国内共同贷款人网络整合的市场减少信贷较少。
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 to disentangle credit supply and demand and to simultaneously control for the unobserved traits of banks and the countries and firms they lend to. We document substantial heterogeneity in the extent to which different banks retrenched from the same country. Banks reduced credit less to markets that were geographically close; where they were more experienced; where they operated a subsidiary; and where they were integrated into a network of domestic co-lenders. The Author 2012. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com., Oxford University Press.