Publication: Shocks abroad, pain at home? Bank-firm level evidence on financial contagion during the recent financial crisis
Shocks abroad, pain at home? Bank-firm level evidence on financial contagion during the recent financial crisis
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Ongena, S., Peydró, J. L., & van Horen, N. (2016). Shocks abroad, pain at home? Bank-firm level evidence on financial contagion during the recent financial crisis. IMF Economic Review, 63(4), 698–750. https://doi.org/10.1057/imfer.2015.34
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We study the international transmission of shocks from the banking to the real sector during the global financial crisis. For identification, we use matched bank-firm level data, including many small and medium-sized firms, in Eastern Europe and Central Asia. We find that internationally-borrowing domestic and foreign-owned banks contract their credit more during the crisis than domestic banks that are funded only locally. Firms that are dependent on credit and at the same time have a relationship with an internationally-borrowing dom
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- Peydró, José Luis
- van Horen, Neeltje
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Ongena, S., Peydró, J. L., & van Horen, N. (2016). Shocks abroad, pain at home? Bank-firm level evidence on financial contagion during the recent financial crisis. IMF Economic Review, 63(4), 698–750. https://doi.org/10.1057/imfer.2015.34