How has the global financial crisis affected syndicated loan terms in emerging markets? Evidence from China
采用双重差分法，研究全球金融危机对中国银团贷款成本的影响，发现危机期间贷款量稳定增长、外资贷款减少、平均期限延长，为政策制定者应对金融危机提供参考。
Abstract This paper examines the impact of the recent global financial crisis on the cost of debt capital (syndicated loans) in a leading emerging market, namely China, using the difference‐in‐differences approach. Before the crisis, China adopted banking reforms allowing the entry of foreign banks and more domestic participation in the syndicated loan market. As a result, during the crisis, the volume of syndicated loans grew steadily, in contrast to other countries. In addition, the amount of foreign syndicated loans decreased and average maturity increased compared with the pre‐crisis period. Our findings provide useful information to policy makers for devising effective responses to financial crises.