Shocks Abroad, Pain at Home? Bank-Firm-Level Evidence on the International Transmission of Financial Shocks

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The Impact of Capital Requirements on Bank Lending (2014, unknown): “Peek and Rosengren (1997) use a natural experiment to overcome difficulties in identifying whether changes to bank lending reflect shocks to credit supply or credit demand.”
Some Borrowers Are More Equal than Others: Bank Funding Shocks and Credit Reallocation* (2019, background): “…relationships shield firms from credit supply shocks (Puri et al., 2011; DeYoung et al., 2015; Liberti and Sturgess, 2016), and that banks reallocate credit to less risky borrowers (Liberti and Sturgess, 2016) or less risky sector-region combinations (Ongena et al., 2015) after a liquidity shock.”
Pro-Cyclical Capital Regulation and Lending (2016, unknown): “Our findings are in line with theoretical evidence on the pro-cyclicality of risk-based capital regulation, such as the dynamic equilibrium model of Repullo and Suarez (2012), which shows that increasing capital charges in a downturn can lead to a severe reduction in the supply of credit.”
Capital flows and the international credit channel (2017, background): “…van Horen (2013); de Haas and van Leylveld (2014); Cerutti et al. (2016); Peek and Rosengren (2000); Schnabl (2012); de Haas and van Horen (2013); Ongena et al. (2015). and Stein, 2000; Jiménez et al., 2012, 2014) while the focus on the non-core ratio is more novel, and is motivated by recent…”