Flight Home, Flight Abroad, and International Credit Cycles
研究发现银行在母国融资条件改善时减少国内贷款偏好（外逃效应），恶化时增加国内贷款偏好（回流效应），且全球银行会放大本国冲击对国外的影响。
This paper shows that banks exhibit a weaker (stronger) home bias in the extension of new loans when funding conditions in their home country improve (deteriorate). We refer to these changes in home bias as flight abroad and flight home effects, respectively, and show that they are unrelated to the better known flight to quality effect that arises during periods of market turmoil. Our results also indicate that global banks amplify the effect of homegrown shocks on foreign countries while they are a stabilizing factor for the supply of credit in their home countries.