We analyze the transmission of the 2007 to 2009 financial crisis to 415 country‐industry
equity portfolios. We use a factor model to predict crisis returns, defining unexplained …

Global banks played a significant role in the transmission of the 2007 to 2009 crisis to
emerging market economies. We examine the relationships between adverse liquidity …

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 …

The recent crisis highlighted the importance of globally active banks in linking markets. One
channel for this linkage is through how these banks manage liquidity across their entire …

This paper tests if real and financial linkages between countries can explain why
movements in the world's largest markets often have such large effects on other financial …

This paper uses a large panel of financial flow data from banks to assess how institutions
affect international lending. First, employing a time varying composite institutional quality …

We analyze the impact of financial globalization on business cycle synchronization using a
proprietary database on banks' international exposure for industrialized countries during …

Different forces and potential benefits are pushing towards increasing financial
globalization. However, globalization can carry important risks. This paper reviews the …

This paper develops an empirical model of bilateral exchange rate volatility. We conjecture
that for developing economies, external financial liabilities have an important effect on …

This paper examines the role of financial linkages, especially through a common creditor, in
the propagation of emerging market crises during the 1990s. Using panel probit regressions …