## _wp14171 - References

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### I. Introduction — scope and data focus
- Uses bank-level data to examine credit growth by deposit-taking banks before, during, and after the 2008–09 global financial crisis, with particular attention to the role of bank ownership.
- Ownership shifts reported: between 1999 and 2009, the share of bank assets held by foreign banks in developing countries rose from 26 to 46 percent, while government bank ownership declined from 28 to 19 percent (Cull and Peria, 2012).
- Paper additionally analyzes the impact of monetary policy and banking regulation on credit growth using bank-level data.

### Literature context and comparative evidence
- Foreign banks: associated with diversification of risks, increased competition and efficiency (Allen et al., 2011; Detragiache and Gupta, 2006; Taboada, 2011; Hasan and Xie, 2012).
- Stabilizing role of foreign banks in past local crises: de Haas and van Lelyveld, 2006, 2010; Dages et al., 2000; Crystal et al., 2001, 2002; Arena et al., 2007; Claessens and van Horen, 2013.
- Risks of foreign-bank participation: exposure to foreign exchange risk and transmission of foreign shocks (Peek and Rosengren, 1997, 2000; Avdjiev et al. 2012).
- During the 2008–09 crisis, foreign banks may have transmitted the crisis by cutting credit supply (Cetorelli and Goldberg, 2011; Popov and Udell, 2012; Schnabl, 2012).
- State-owned banks: evidence of hindering financial development and lower efficiency (La Porta et al., 2002; Barth et al., 2004; Micco et al., 2007; Berger et al., 2009) and politically motivated lending (Dinc, 2005; Brown and Dinc, 2005).
- Countervailing evidence: when soundly managed state banks can foster growth (Andrianova et al., 2009) and often acted counter-cyclically during crises (Micco and Panizza, 2006; De Haas and van Lelyveld, 2011; Bertay et al., 2012).

### Distinct contributions of this analysis
- Extends prior studies by including Asian emerging markets and analyzing credit growth after the global financial crisis.
- Investigates the impact of monetary policy and banking regulation at the bank level (many prior studies used aggregate data).
- Complements related studies: Bakker et al. (2013) (foreign ownership linked to higher credit growth before the crisis but effect declined since 2008 in European emerging markets); Cull and Peria (2012) (in European emerging markets foreign bank lending fell more than domestic private banks during the crisis; government-owned banks did not act counter-cyclically, opposite in Latin America).

### Main empirical findings (stylized)
- All three regions experienced a sharp decline in credit growth during the crisis.
- Ownership-differentiated behavior:
  - Foreign banks in Asia: lending fell more than domestic banks in 2009 (controlling for other factors); not so in Latin America and emerging Europe.
  - Latin America and Europe: foreign banks’ credit growth lagged domestic banks in 2010.
  - State banks: played a counter-cyclical role during the crisis in Latin America and emerging Europe, with some evidence in Asia.
  - Post-crisis: credit by state banks grew faster than that of private banks in Latin America.
- Foreign parent bank characteristics affected subsidiary credit growth.
- Macro and bank-level drivers:
  - Expansionary monetary policy on average led to higher credit growth.
  - Faster credit growth associated with: better-capitalized banks, more liquid assets, higher reliance on retail funding.
  - Banks in countries with better pre-crisis banking regulation experienced higher credit growth during the crisis.

### Regional patterns and magnitudes (key statistics)
- Emerging Europe:
  - Average credit growth declined from a peak of 42 percent in 2007 to a nadir of 5 percent in 2009.
  - Credit growth recovered to 12 percent in 2011 but remained well below pre-crisis levels.
- Latin America:
  - Average credit growth declined from 31 percent in 2007 to 13 percent in 2009.
  - Revival faster than in Europe: credit growth rebounded to 22–25 percent during 2010–11.
- Emerging Asia:
  - Average bank credit growth declined from 24 percent in 2007 to 19 percent in 2009.
- Ownership shares as of 2008:
  - Foreign banks: one third of banking system assets in Latin America; more than 60 percent in Eastern and Central Europe; about one quarter in Asia.
  - State-owned banks’ shares in 2008: 16 percent (Latin America), 7 percent (Eastern and Central Europe), 24 percent (Asia).

### Bank ownership and crisis dynamics (detailed findings)
- Foreign banks:
  - Particularly hard hit in 2009 across all three regions.
  - Latin America: foreign banks’ credit growth fell to 0.5 percent in 2009, well below domestic banks.
  - Asia: foreign banks’ credit declined amid still healthy domestic-bank credit growth.
  - Emerging Europe: foreign banks’ credit growth lagged domestic banks in 2009 and, in many specifications, in 2010.
  - Timing heterogeneity noted: foreign bank contractions concentrated in 2009 in Asia and in 2010 in Latin America and emerging Europe (linked to the 2010 European financial crisis).
- State-owned banks:
  - Counter-cyclical role in Latin America and emerging Europe (and some evidence in Asia).
  - Latin America: state bank credit growth increased in 2008 while domestic private banks declined; interaction coefficients indicate large positive effects in 2008 (about 30 percentage points in Column (4) for Latin America).
  - Latin America NPL dynamics: state banks’ nonperforming-loan ratio increased from 3.6 percent in 2009 to 4.5 percent in 2010, but remained lower than the 2008 level and declined in 2011.
  - Post-crisis: state-bank credit grew faster than private banks in Latin America.

### Bank-level determinants of credit growth (controls and interactions)
- Expansionary monetary policy on average increased credit growth.
- Bank characteristics positively associated with faster credit growth:
  - Better-capitalized banks (e.g., higher equity/net loan, equity/loan ratio).
  - More profitable banks (positive association with return on average assets).
  - Banks with more liquid assets (liquid assets/total assets).
  - Higher reliance on retail deposits (customer deposit/total liability); retail deposits were particularly important in Latin America and Asia during the crisis (positive interactions for 2009 and 2010 in Latin America; evidence for Asia as well).
- Larger banks tended to have lower credit growth (size (ln_total assets) coefficients negative in multiple regional specifications).
- Nonperforming loans and path dependence:
  - Higher nonperforming-loan ratio associated with slower credit growth for Latin American banks (Table 11).
  - Some evidence of convergence in emerging Europe: banks with higher recent credit growth had lower subsequent credit growth.

### Parent-bank characteristics and origin effects
- Parent-bank variables examined: cost-to-income ratio, loan-to-deposit ratio (parent loan/customer deposit ratio), equity-to-asset ratio, parent bank home country CDS spread.
- Parent-bank origin composition (by assets) at onset of crisis:
  - Latin America: Spanish banks accounted for 63 percent of foreign banks.
  - Eastern and Central Europe: Western European banks accounted for 78 percent of foreign banks.
  - Emerging Asia: banks from other Asian countries (mainly Japan and Singapore) accounted for 40 percent of foreign banks.
- Regional evidence:
  - Latin America: Spanish parent banks had higher credit growth than other foreign banks prior to the crisis but significantly lower credit growth in 2008 (negative and significant interaction terms).
  - Emerging Europe: foreign banks whose parent bank’s home country had higher CDS had lower credit growth.
  - Asia: some evidence foreign banks from other Asian countries had larger credit declines in 2008; higher parent funding costs associated with lower subsidiary credit growth in some specifications.
- Policy-relevant implication: diversification of foreign bank ownership across origin countries may reduce exposure to idiosyncratic parent-country shocks.

### Robustness checks and additional controls
- Measurement robustness:
  - Main results hold if credit is expressed in constant local currency (Table 9).
  - Outlier treatment: excluding observations with top 3 percent credit growth (top 5 percent as robustness) and winsorizing at 1 percent applied.
  - Limiting the sample to banks without ownership changes, using balanced panels, or dropping branches (7 percent of foreign bank observations) yields broadly similar results.
- Additional controls:
  - Including credit growth in past 3 years and NPL/loan ratio (Table 11) produced broadly similar benchmark outcomes despite smaller sample sizes.
- Monetary policy and regulation:
  - Monetary policy rate (one-year lag) interacted with years shows variation: expansionary policy increased credit growth on average; for Latin America and Asia the impact of policy rate on credit growth was larger in 2011; some counterintuitive signs for emerging Europe in 2010/11 likely reflect endogeneity.
  - Banking regulation (using 2003 pre-crisis measures) for emerging Europe:
    - Supervision indicator and monitoring indicator used (constructed per Kalemli-Ozcan et al. (2013) from Barth et al. (2007) data).
    - Evidence suggests countries with better banking regulation prior to the crisis experienced higher credit growth during the crisis when the supervision indicator is used (Table 13).

### Policy implications and concluding messages
- Heterogeneous effects by region and ownership type imply policy responses should be tailored to country and bank ownership structures.
- Diversifying foreign bank ownership by origin country can help reduce systemic exposure to shocks concentrated in particular parent-country banking systems.
- Maintaining a decent market share of state-owned banks can provide insurance in downturns, given the counter-cyclical role state-owned banks played during the global financial crisis.
- Supporting retail-deposit funding stability can underpin credit growth, especially in Latin America and Asia during crisis periods.
- Strengthening bank capitalization, profitability, liquidity, and pre-crisis banking supervision may support more resilient credit growth through crises.

*Source: _wp14171 - Section V provides some concluding remarks.*

### References  ............................................................................................................

### _wp14171 - References

### Tables (listed)
- 1. Bank Ownership Distribution ....................................................................................... 8
- 2. Average Credit Growth by Year and Region (in percent) ............................................ 8
- 3. Summary Statistics by Bank Type Across Regions ...................................................... 9
- 4a. Determinants ot Total Loan Growth in Latin America ............................................... 11
- 4b. Determinants ot Total Loan Growth in Eastern and Central Europe  ......................... 13
- 4c. Determinants ot Total Loan Growth in Asia................................................15
- 5. Corporate Loan Growth Rate  ....................................................................................... 16
- 6. Consumer Loan Growth Rate ..................................................................17
- 7. Parent Bank Origin  ...................................................................................................... 18
- 8. Paretn Bank Characteristics on Credit Growth (Foreign Banks Only)....................19
- 9. Credit Growth in Local Currency.....................................................................20
- 10. Total Credit Growth Rate (No Changes in Foreign Bank Ownership)  ...................... 22
- 11. Determinants of Total Credit Growth (with Additional Contral Variables).............23
- 12. Monetary Policy and Credit Growth  .......................................................................... 24
- 13. Banking Regulation and Credit Growth.....................................................25

### I. Introduction — scope and data focus
- Study uses bank-level data to examine credit growth by deposit-taking banks before, during, and after the 2008–09 global financial crisis, with particular attention to the role of bank ownership.
- Ownership shifts noted: between 1999 and 2009, the share of bank assets held by foreign banks in developing countries rose from 26 to 46 percent, while government bank ownership declined from 28 to 19 percent (Cull and Peria, 2012).
- Paper additionally analyzes impact of monetary policy and banking regulation on credit growth using bank-level data.

### Literature context and key comparative studies
- Foreign banks: found to help diversify risks and increase competition and efficiency (Allen et al., 2011; Detragiache and Gupta, 2006; Taboada, 2011; Hasan and Xie, 2012).
- Foreign banks stabilizing role in past local crises: de Haas and van Lelyveld, 2006, 2010; Dages et al., 2000; Crystal et al., 2001, 2002; Arena et al., 2007; Claessens and van Horen, 2013.
- Risks from foreign bank participation: exposure to foreign exchange risk and transmission of foreign shocks (Peek and Rosengren, 1997, 2000; Avdjiev et al. 2012).
- During the 2008–09 crisis, foreign banks may have transmitted the crisis by cutting credit supply (Cetorelli and Goldberg, 2011; Popov and Udell, 2012; Schnabl, 2012).
- State-owned banks: evidence they can hinder financial development (La Porta et al., 2002; Barth et al., 2004), often politically motivated lending (Dinc, 2005; Brown and Dinc, 2005), and lower efficiency (Micco et al., 2007; Berger et al., 2009).
- Countervailing evidence: state banks can foster growth if managed soundly (Andrianova et al., 2009) and often played counter-cyclical roles during crises (Micco and Panizza, 2006; De Haas and van Lelyveld, 2011; Bertay et al., 2012).

### Distinct contributions relative to prior work
- Extends prior studies by including Asian emerging markets and analyzing credit growth after the global financial crisis.
- Investigates the impact of monetary policy and banking regulation at the bank level, whereas many prior studies used aggregate data.
- Related studies: Bakker et al. (2013) — foreign ownership associated with higher credit growth before the crisis but effect declined since 2008 (focused on European emerging markets); Cull and Peria (2012) — in European emerging markets lending by foreign banks fell more than domestic private banks during the crisis, and government-owned banks did not act counter-cyclically (opposite in Latin America).

### Main empirical findings (stylized)
- All three regions experienced a sharp decline in credit growth during the crisis.
- Ownership-differentiated behavior:
  - Lending by foreign banks in Asia fell more than that of domestic banks in 2009 (after controlling for other factors), but not so in Latin America and emerging Europe.
  - In Latin America and Europe, foreign banks’ credit growth lagged behind domestic banks in 2010.
  - State banks played a counter-cyclical role during the crisis in Latin America and emerging Europe, with some evidence in Asia.
  - Credit by state banks grew faster than that of private banks after the crisis in Latin America.
- Foreign parent bank characteristics affected the credit growth of their subsidiaries.
- Macro and bank-level drivers:
  - Expansionary monetary policy on average led to higher credit growth.
  - Better-capitalized banks, banks with more liquid assets, and banks that relied more on retail funding had faster credit growth.
  - Banks in countries with better banking regulation experienced higher credit growth during the crisis.

* _wp14171 - References_*

### Section V provides some concluding remarks.

### Section V provides some concluding remarks.

### Key empirical findings on credit growth (regional patterns and magnitudes)
- Emerging Europe experienced the largest crisis impact: average credit growth declined from a peak of 42 percent in 2007 to a nadir of 5 percent in 2009; credit growth recovered to 12 percent in 2011 but remained well below pre-crisis levels.
- Latin America: average credit growth declined from 31 percent in 2007 to 13 percent in 2009; revival was faster than in Europe with credit growth rebounding to 22–25 percent during 2010–11.
- Emerging Asia was least affected: average bank credit growth declined from 24 percent in 2007 to 19 percent in 2009.
- Ownership shares as of 2008:
  - Foreign banks controlled one third of banking system assets in Latin America.
  - Foreign banks controlled more than 60 percent of banking system assets in Eastern and Central Europe.
  - Foreign banks controlled about one quarter of banking system assets in Asia.
  - State-owned banks’ shares in 2008: 16 percent (Latin America), 7 percent (Eastern and Central Europe), 24 percent (Asia).

### Bank ownership and crisis dynamics
- Foreign banks:
  - Foreign banks were particularly hard hit in 2009 across all three regions.
  - In Latin America, foreign banks’ credit growth fell to 0.5 percent in 2009, well below domestic banks.
  - In Asia, foreign banks’ credit declined amid still healthy credit growth by domestic banks.
  - In emerging Europe, foreign banks’ credit growth lagged domestic banks in 2009 and, in many specifications, lagged in 2010.
  - Timing heterogeneity: foreign banks’ credit growth lagged domestic banks in 2010 in Latin America and emerging Europe (linked to the 2010 European financial crisis); in Asia the more pronounced foreign bank contraction occurred in 2009.
- State-owned banks:
  - State banks played a counter-cyclical role during the crisis in Latin America and emerging Europe (and some evidence in Asia).
  - In Latin America, state bank credit growth increased in 2008 while domestic private banks declined; interaction coefficients indicate large positive effects in 2008 (about 30 percentage points in Column (4) for Latin America).
  - State banks’ nonperforming-loan ratio in Latin America increased from 3.6 percent in 2009 to 4.5 percent in 2010, but remained lower than the 2008 level and declined in 2011.
  - After the crisis, credit by state banks also grew faster than that of private banks in Latin America.

### Bank-level determinants of credit growth (controls and interactions)
- Expansionary monetary policy on average resulted in higher credit growth.
- Bank characteristics associated with faster credit growth:
  - Better-capitalized banks (e.g., higher equity/net loan, equity/loan ratio).
  - More profitable banks (return on average assets positive association).
  - Banks with more liquid assets (liquid assets/total assets).
  - Banks relying more on retail deposits (customer deposit/total liability), with evidence that retail deposits were particularly important in Latin America and Asia during the crisis (interactions positive for 2009 and 2010 in Latin America; evidence for Asia as well).
- Larger banks on average had lower credit growth (size (ln_total assets) coefficients negative in multiple regional specifications).
- Nonperforming loans and path dependence:
  - Higher nonperforming-loan ratio led to slower credit growth for Latin American banks (Table 11 results).
  - Some evidence of convergence in emerging Europe: banks with higher recent credit growth had lower subsequent credit growth.

### Parent-bank characteristics and origin effects
- Parent-bank characteristics examined: cost-to-income ratio, loan-to-deposit ratio (parent loan/customer deposit ratio), equity-to-asset ratio, and parent bank home country CDS spread.
- Parent-bank origin composition (by assets) at onset of crisis:
  - Latin America: Spanish banks accounted for 63 percent of foreign banks.
  - Eastern and Central Europe: Western European banks accounted for 78 percent of foreign banks.
  - Emerging Asia: banks from other Asian countries (mainly Japan and Singapore) accounted for 40 percent of foreign banks.
- Evidence by region:
  - Latin America: Spanish parent banks had higher credit growth than other foreign banks prior to the crisis but significantly lower credit growth in 2008 (interaction terms negative and significant).
  - Emerging Europe: foreign banks whose parent bank’s home country had higher CDS had lower credit growth.
  - Asia: some evidence foreign banks from other Asian countries had larger credit declines in 2008; parent bank higher funding costs associated with lower subsidiary credit growth in some specifications.
- Policy-relevant implication: diversification of foreign bank ownership across different origin countries may reduce exposure to idiosyncratic shocks from a single parent-country crisis.

### Robustness and additional checks
- Measurements and sample robustness:
  - Main results hold if credit is expressed in constant local currency (Table 9).
  - Excluding observations with top 3 percent credit growth (and top 5 percent as robustness) and winsorizing at 1 percent were applied to reduce outlier influence.
  - Limiting sample to banks without ownership changes, using balanced panels, or dropping branches (7 percent of foreign bank observations) yields broadly similar results.
- Additional controls:
  - Including credit growth in past 3 years and NPL/loan ratio (Table 11) produced broadly similar benchmark outcomes despite smaller sample sizes.
- Monetary policy and regulation:
  - Monetary policy rate (one-year lag) interacted with years shows variation: expansionary policy increased credit growth on average; for Latin America and Asia the impact of policy rate on credit growth was larger in 2011; some counterintuitive signs for emerging Europe in 2010/11 likely reflect endogeneity.
  - Banking regulation (using 2003 pre-crisis measures) for emerging Europe:
    - Supervision indicator and monitoring indicator used (constructed per Kalemli-Ozcan et al. (2013) from Barth et al. (2007) data).
    - Evidence suggests countries with better banking regulation prior to the crisis experienced higher credit growth during the crisis when the supervision indicator is used (Table 13).

### Policy implications and concluding messages
- Heterogeneous effects by region and ownership type imply that policy responses should be tailored to country and bank ownership structures.
- Diversifying foreign bank ownership by origin country can help reduce systemic exposure to shocks concentrated in particular parent-country banking systems.
- Maintaining a decent market share of state-owned banks can provide a form of insurance in downturns, given the counter-cyclical role state-owned banks played during the global financial crisis.
- Supporting retail-deposit funding stability can underpin credit growth, especially in Latin America and Asia during crisis periods.
- Strengthening bank capitalization, profitability, liquidity, and pre-crisis banking supervision may support more resilient credit growth through crises.

*Source: _wp14171 - Section V provides some concluding remarks.*

### References

### _wp14171 - References

### Bank ownership, regulation, and performance
- Aisen, Ari, and Michael Franken, 2010, “Bank Credit During the 2008 Financial Crisis: A Cross-Country Comparison,” IMF Working Paper No. 10/47, International Monetary Fund.
- Andrianova, Svetlana, Panicos Demetriades, and Anja Shortland, 2009, “Is Government Ownership of Banks Really Harmful to Growth?”, mimeo, Brunel University West London.
- Arena, Marco, Carmen Reinhart, and Francisco Vazquez, 2007, “The Lending Channel in Emerging Economies: Are Foreign Banks Different?”, IMF Working Paper, No. 07/48, International Monetary Fund.
- Barth, J., Caprio, G., Levine, R., 2004, “Bank Regulation and Supervision: What Works Best?”, Journal of Financial Intermediation, Vol. 13 (2), pp. 205-48.
- ______, 2007, “Bank Regulation and Supervision (updated data set),” World Bank Working Paper No. 2588.
- Beltratti, Andrea, and Rene M. Stulz, 2012, “The Credit Crisis around the Globe: Why Did Some Banks Perform Better?” Journal of Financial Economics, Vol. 105, pp. 1-17.
- Berger, Allen N., Iftekhar Hasan, and Mingming Zhou, 2009, “Bank Ownership and Efficiency in China: What will Happen in the World’s Largest Nation?”, Journal of Banking and Finance, Vol. 33, No. 1, pp. 113-30.
- Bertay, Ata Can, Asli Demirguc-Kunt, and Harry Huizinga, 2012, “Bank Ownership and Credit over the Business Cycle,” Policy Research Working Paper, No. 6110, the World Bank.
- Bhaumik, Sumon Kumar, Vinh Dang, and Ali M. Kutan, 2011, “Implications of Bank Ownership for the Credit Channel of Monetary Policy Transmission: Evidence from India,” Journal of Banking and Finance, Vol. 35 (9), pp. 2418-28.
- Brown, Craig O., and I. Serdar Dinc, 2005, “The Politics of Bank Failures: Evidence from Emerging Markets,” Quarterly Journal of Economics, Vol. 120 (4), pp. 1413-44.
- Cole, Shawn, 2009, “Financial Development, Bank Ownership, and Growth: Or, Does Quantity Imply Quality?”, Review of Economics and Statistics, Vol. 91 (1), pp. 33-51.
- Crystal, Jennifer S., B. Gerard Dages, and Linda S. Goldberg, 2001, “Does Foreign Ownership Contribute to Sounder Banks in Emerging Markets? The Latin American Experience,” Staff Report, Federal Reserve Bank of New York.
- ______, 2002, “Has Foreign Bank Entry Led to Sounder Banks in Latin America?”, Current Issues in Economics and Finance, Federal Reserve Bank of New York, Vol. 8 (1), pp. 1-6.
- Cull, Robert and Maria Soledad Martinez Peria, 2010, “Foreign Bank Participation in Developing Countries: What Do We Know about the Drivers and Consequences of This Phenomenon?” Policy Research Working Paper, No. 5398, the World Bank.
- ______, 2012, “Bank Ownership and Lending Patterns during the 2008-2009 Financial Crisis: Evidence from Latin America and Eastern Europe,” Policy Research Working Paper No. 6195, the World Bank.
- Dinc, I. Serda, 2005, “Politicians and Banks: Political Influences on Government-Owned Banks in Emerging Markets”, Journal of Financial Economics, Vol. 77, 453-79.
- La Porta, Rafael, Florencio Lopez-de-Silanes, and Andrei Shleifer, 2002, “Government Ownership of Banks,” Journal of Finance, Vol. 57 (1), pp. 265-301.
- Micco, Alejandro, Ugo Panizza, 2006, “Bank Ownership and Lending Behavior,” Economic Letters, Vol. 93, No. 2, pp. 248-54.
- Micco, Alejandro, Ugo Panizza, and Monica Yanez, 2007, “Bank Ownership and Performance. Does Politics Matter?” Journal of Banking and Finance, Vol. 31, pp. 219-41.
- Taboada, Alvaro G., 2011, “The Impact of Changes in Bank Ownership Structure on the Allocation of Capital: International Evidence,” Journal of Banking and Finance, Vol. 35, pp. 2528-43.

### Cross-border banking, international transmission, and multinational banks
- Allen, Franklin, Thorsten Beck, Elena Carletti, Philip R. Lane, Dirk Schoenmaker, and Wolf Wagner, 2011, “Cross-Border Banking in Europe: Implications for Financial Stability and Macroeconomic Policies,” mimeo, Centre for Economic Policy Research.
- Avdjiev, Stefan, Robert McCauley, and Patrick McCuire, 2012, “Rapid Credit Growth and International Credit: Challenges for Asia,” BIS Working Papers No. 377.
- Bakker, Bas, Christoph Klingen, Gregorio Impavido, Jerome Vandenbussche, Li Zeng, and Jessie Yang, “Financing Future Growth: The Evolving Role of the Banking System in CESEE: Technical Notes,” International Monetary Fund.
- Bruno, Valentina, and Hyun Song Shin, 2013, “Capital Flows, Cross-Border Banking and Global Liquidity,” mimeo, Princeton University.
- Cetorelli, Nicola, and Linda S. Goldberg, 2011, “Global Banks and International Shock Transmission: Evidence from the Crisis,” IMF Economic Review, Vol. 59 (1), pp. 41-76.
- Claessens, Stijn, and Neeltje van Horen, 2013, “Foreign Banks: Trends, Impact and Financial Stability,” Journal of Banking and Finance, forthcoming.
- De Haas, Ralph, and Iman van Lelyveld, 2006, “Foreign Banks and Credit Stability in Central and Eastern Europe. A Panel Data Analysis,” Journal of Banking and Finance, Vol. 30, pp. 1927-52.
- ______, 2010, “Internal Capital Markets and Lending by Multinational Bank Subsidiaries,” Journal of Financial Intermediation, Vol. 19, pp. 1-25.
- ______, 2011, “Multinational Banks and the Global Financial Crisis. Weathering the Perfect Storm?”, DNB Working Paper, No. 322.
- Popov, Alexander, and Gregory F. Udell, 2012, “Cross-Border Banking, Credit Access, and the Financial Crisis,” Journal of International Economics, Vol. 87, pp. 147-61.
- Schnabl, Philipp, 2012, “The International Transmission of Bank Liquidity Shocks: Evidence from an Emerging Market,” Journal of Finance, Vol. 67 (3), pp. 897-932.
- Peek, Joe, and Eric S. Rosengren, 1997, “The International Transmission of Financial Shocks: The Case of Japan,” American Economic Review, Vol. 87 (4), pp. 495-505.
- ______, 2000, “Collateral Damage: Effects of the Japanese Bank Crisis on Real Activity in the United States,” American Economic Review, Vol. 90 (1), pp. 30-45.
- Dages, B. Gerard, Linda Goldberg, and Daniel Kinney, 2000, “Foreign and Domestic Bank Participation in Emerging Markets: Lessons from Mexico and Argentina,” Economic Policy Review, September, pp. 17-36, Federal Reserve Bank at New York.
- Detragiache, Enrica and Poonam Gupta, 2006, “Foreign Banks in Emerging Market Crises: Evidence from Malaysia,” Journal of Financial Stability, Vol. 2 (3), pp. 217-42.
- Detragiache, Enrica, Thierry Thessel, and Poonam Gupta, 2008, “Foreign Banks in Poor Countries: Theory and Evidence,” Journal of Finance, Vol. 63 (5), pp. 2123-60.
- Kalemli-Ozcan, Sebnem, Bent Sorensen, Sevcan Yesiltas, 2012, “Leverage Across Firms, Banks and Countries,” Journal of International Economics, Vol. 88 (2), pp. 284-298. forthcoming.
- Schnabl, Philipp, 2012, “The International Transmission of Bank Liquidity Shocks: Evidence from an Emerging Market,” Journal of Finance, Vol. 67 (3), pp. 897-932.

### Credit growth, macroeconomic policy, and crisis impact
- Hilbers, Paul, Inci Otker-Robe, Ceyla Pazarbasioglu, and Gudrun Johnsen, 2005, “Assessing and Managing Rapid Credit Growth and the Role of Supervisory and Prudential Policies,” IMF Working Paper, No. 05/151, International Monetary Fund.
- Bloxham, Paul, Christopher Kent, and Michael Robson, 2011, “Asset Prices, Credit Growth, Monetary and Other Policies: An Australian Case Study,” NBER Working Paper, No. 16845, National Bureau of Economic Research.
- Jara, Alejandro, Ramon Moreno, Camilo E Tovar, 2009, “The global crisis and Latin America: financial impact and policy responses,” BIS Quarterly Review, June 2009.
- Kroszner, Randall S., Luc Laeven, and Daniela Klingebiel, 2007, “Banking Crises, Financial Dependence, and Growth,” Journal of Financial Economics, Vol. 84 (1), pp. 187-228.
- Kalemli-Ozcan, Sebnem, Bent Sorensen, Sevcan Yesiltas, 2012, “Leverage Across Firms, Banks and Countries,” Journal of International Economics, Vol. 88 (2), pp. 284-298. forthcoming.
- Popov, Alexander, and Gregory F. Udell, 2012, “Cross-Border Banking, Credit Access, and the Financial Crisis,” Journal of International Economics, Vol. 87, pp. 147-61.

### Regional and country studies, corporate governance, and related analyses
- Avdjiev, Stefan, Robert McCauley, and Patrick McCuire, 2012, “Rapid Credit Growth and International Credit: Challenges for Asia,” BIS Working Papers No. 377.
- Berger, Allen N., Iftekhar Hasan, and Mingming Zhou, 2009, “Bank Ownership and Efficiency in China: What will Happen in the World’s Largest Nation?”, Journal of Banking and Finance, Vol. 33, No. 1, pp. 113-30.
- Bhaumik, Sumon Kumar, Vinh Dang, and Ali M. Kutan, 2011, “Implications of Bank Ownership for the Credit Channel of Monetary Policy Transmission: Evidence from India,” Journal of Banking and Finance, Vol. 35 (9), pp. 2418-28.
- Hasan, Iftekhar, and Ru Xie, 2012, “A Note on Foreign Bank Entry and Bank Corporate Governance in China,” BOFIT Discussion Papers, No. 8.
- De Haas, Ralph, and Iman van Lelyveld, 2006, “Foreign Banks and Credit Stability in Central and Eastern Europe. A Panel Data Analysis,” Journal of Banking and Finance, Vol. 30, pp. 1927-52.
- Detragiache, Enrica and Poonam Gupta, 2006, “Foreign Banks in Emerging Market Crises: Evidence from Malaysia,” Journal of Financial Stability, Vol. 2 (3), pp. 217-42.
- Detragiache, Enrica, Thierry Thessel, and Poonam Gupta, 2008, “Foreign Banks in Poor Countries: Theory and Evidence,” Journal of Finance, Vol. 63 (5), pp. 2123-60.
- Popov, Alexander, and Gregory F. Udell, 2012, “Cross-Border Banking, Credit Access, and the Financial Crisis,” Journal of International Economics, Vol. 87, pp. 147-61.
- Schnabl, Philipp, 2012, “The International Transmission of Bank Liquidity Shocks: Evidence from an Emerging Market,” Journal of Finance, Vol. 67 (3), pp. 897-932.

* _wp14171 - References_*

---


_Source: https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2014/_wp14171.pdf_