{
  "title": "Why Did Public Banks Lend More During the Global Financial Crisis?",
  "publication": "IMF Working Papers, June 5, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2020/06/05/why-did-public-banks-lend-more-during-the-global-financial-crisis-49470",
  "canonical": "https://www.imf.org/en/publications/wp/issues/2020/06/05/why-did-public-banks-lend-more-during-the-global-financial-crisis-49470",
  "overlayPath": "/en/publications/wp/issues/2020/06/05/why-did-public-banks-lend-more-during-the-global-financial-crisis-49470/index.md",
  "summary": "During the Global Financial Crisis (GFC), state-owned or public banks lent relatively more than domestic private banks in many countries. However, data limitations have hindered a thorough assessment of what led public banks to better maintain lending during the GFC.",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- During the Global Financial Crisis (GFC), state-owned or public banks lent relatively more than domestic private banks in many countries.\n- Using a novel bank-level dataset covering 25 emerging market economies, the authors show that public banks lent relatively more during the GFC because they pursued an objective of helping to stabilize the economy.\n- The analysis finds that this behavior was not driven by public banks having superior fundamentals or access to public or depositors’ funding.\n- The countercyclical lending behavior of public banks appears to be unique to the GFC rather than a regular characteristic of public banks before and after the GFC."
    },
    {
      "heading": "Data and scope",
      "content": "- Bank-level dataset covering 25 emerging market economies.\n- Focus period: Global Financial Crisis (GFC) and comparison to periods before and after the GFC.\n- Publication length: 36 pages.\n- Authors: Joshua Bosshardt, Eugenio M Cerutti.\n- Publication date: June 5, 2020."
    },
    {
      "heading": "Key concepts and topics",
      "content": "- Bank credit\n- Banking\n- Financial crises\n- Financial institutions\n- Global financial crisis of 2008-2009\n- Loans; loan portfolio; loans growth\n- Money\n- Nonperforming loans\n- State-owned banks; ownership status\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2020/06/05/why-did-public-banks-lend-more-during-the-global-financial-crisis-49470"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/wp/issues/2020/06/05/why-did-public-banks-lend-more-during-the-global-financial-crisis-49470/index.md)",
    "[Structured JSON version](/en/publications/wp/issues/2020/06/05/why-did-public-banks-lend-more-during-the-global-financial-crisis-49470/index.json)",
    "[Bundle manifest](/en/publications/wp/issues/2020/06/05/why-did-public-banks-lend-more-during-the-global-financial-crisis-49470/bundle-manifest.json)",
    "Authors: Joshua Bosshardt, Eugenio M Cerutti",
    "Published: June 5, 2020",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781513546049.001",
    "During the Global Financial Crisis (GFC), state-owned or public banks lent relatively more than domestic private banks in many countries.",
    "Using a novel bank-level dataset covering 25 emerging market economies, the authors show that public banks lent relatively more during the GFC because they pursued an objective of helping to stabilize the economy.",
    "The analysis finds that this behavior was not driven by public banks having superior fundamentals or access to public or depositors’ funding.",
    "The countercyclical lending behavior of public banks appears to be unique to the GFC rather than a regular characteristic of public banks before and after the GFC.",
    "Bank-level dataset covering 25 emerging market economies.",
    "Focus period: Global Financial Crisis (GFC) and comparison to periods before and after the GFC.",
    "Publication length: 36 pages.",
    "Authors: Joshua Bosshardt, Eugenio M Cerutti.",
    "Publication date: June 5, 2020.",
    "Bank credit",
    "Banking",
    "Financial crises",
    "Financial institutions",
    "Global financial crisis of 2008-2009",
    "Loans; loan portfolio; loans growth",
    "Money",
    "Nonperforming loans",
    "State-owned banks; ownership status",
    "**Working Paper**"
  ],
  "related": [
    {
      "title": "Working Paper",
      "role": "paper",
      "sourceUrl": "https://www.imf.org/-/media/files/publications/wp/2020/english/wpiea2020084-print-pdf.pdf",
      "summary": {
        "path": "/-/media/files/publications/wp/2020/english/wpiea2020084-print-pdf.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/files/publications/wp/2020/english/wpiea2020084-print-pdf.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/wp/issues/2020/06/05/why-did-public-banks-lend-more-during-the-global-financial-crisis-49470/index.md",
    "json": "/en/publications/wp/issues/2020/06/05/why-did-public-banks-lend-more-during-the-global-financial-crisis-49470/index.json",
    "bundleManifest": "/en/publications/wp/issues/2020/06/05/why-did-public-banks-lend-more-during-the-global-financial-crisis-49470/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-18T17:03:14.868Z"
}