International Shock Transmission after the Lehman Brothers Collapse: Evidence from Syndicated Lending
研究了2008年雷曼兄弟破产后，银行因次贷资产减记、长期债务再融资和市值账面比下降而削减跨境银团贷款，且对小型借款人限制更多。
After Lehman Brothers filed for bankruptcy in September 2008, cross-border bank lending contracted sharply. To explain the severity and variation in this contraction, we analyze detailed data on cross-border syndicated lending by 75 banks to 59 countries. We find that banks which had to write down sub-prime assets, refinance large amounts of long-term debt, and which experienced sharp declines in their market-to-book ratio, transmitted these shocks across borders by curtailing their lending abroad. While shocked banks differentiated between countries in much the same way as less constrained banks, they restricted their lending more to small borrowers.