Using data on syndicated loans for a large sample of countries, this paper shows that non-banks curtail their credit by significantly more than banks during borrower-country crises. We provide novel evidence that differences in the value of lending relationships explain most of the gap, even...

This paper provides first cross-country evidence on non-bank lending during crises. We show that non-banks contract their syndicated lending by over 50% more than banks during financial shocks in borrower countries. Establishing that non-banks serve riskier borrowers globally, we find that...

This paper analyses the nature of the increasing regionalization process in global banking. Despite the large decline in aggregate cross-border banking lending volumes, some parts of the global banking network are currently more interlinked regionally than before the Global Financial Crisis....

We analyze the joint impact of macroprudential and capital control measures on cross-border banking flows, while controlling for multidimensional aspects in lender-and-borrower-relationships(e.g., distance, cultural proximity, microprudential regulations). We uncover interesting spillover...