Financial crises and the composition of cross-border lending /:
We examine the composition and drivers of cross-border bank lending between 1995 and 2012, distinguishing between syndicated and non-syndicated loans. We show that on-balance sheet syndicated loan exposures account for almost one third of total cross-border loan exposures during this period. Further...
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| Hauptverfasser: | , , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
©2014.
|
| Schriftenreihe: | IMF working paper ;
WP/14/185. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | We examine the composition and drivers of cross-border bank lending between 1995 and 2012, distinguishing between syndicated and non-syndicated loans. We show that on-balance sheet syndicated loan exposures account for almost one third of total cross-border loan exposures during this period. Furthermore, syndicated loan exposures increased during the global financial crisis due to large drawdowns on credit lines extended before the crisis. Our empirical analysis of the drivers of cross-border loan exposures in a large bilateral dataset shows three main results. First, banks with lower levels of capital favor syndicated over other kinds of cross-border loans. Second, borrower country characteristics such as level of development, economic size, and capital account openness, are less important in driving syndicated than non-syndicated loan activity, suggesting a diversification motive for syndication. Third, information asymmetries between lender and borrower countries, which are important both in normal and crisis times, became more binding for both types of cross-border lending activity during the recent crisis.--Abstract. |
| Beschreibung: | "October 2014." "Research Department." |
| Beschreibung: | 1 online resource (59 pages) : color illustrations |
| Bibliographie: | Includes bibliographical references (pages 27-31). |
| ISBN: | 1498367208 9781498367202 |
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| 500 | |a "October 2014." | ||
| 500 | |a "Research Department." | ||
| 504 | |a Includes bibliographical references (pages 27-31). | ||
| 520 | |a We examine the composition and drivers of cross-border bank lending between 1995 and 2012, distinguishing between syndicated and non-syndicated loans. We show that on-balance sheet syndicated loan exposures account for almost one third of total cross-border loan exposures during this period. Furthermore, syndicated loan exposures increased during the global financial crisis due to large drawdowns on credit lines extended before the crisis. Our empirical analysis of the drivers of cross-border loan exposures in a large bilateral dataset shows three main results. First, banks with lower levels of capital favor syndicated over other kinds of cross-border loans. Second, borrower country characteristics such as level of development, economic size, and capital account openness, are less important in driving syndicated than non-syndicated loan activity, suggesting a diversification motive for syndication. Third, information asymmetries between lender and borrower countries, which are important both in normal and crisis times, became more binding for both types of cross-border lending activity during the recent crisis.--Abstract. | ||
| 588 | 0 | |a Online resource; title from pdf title page (IMF.org Web site, viewed October 2014). | |
| 505 | 0 | |a Cover; Contents; I. Introduction; II. Features and history of the syndicated loan market; III. Data; IV. The syndicated loan market and total cross-border bank lending activity; A. Constructing syndicated loan exposures; B. The composition of cross-border bank loan exposures; V. Drivers of cross-border bank lending activity; A. Hypotheses and variables; B. Regression specification; C. Empirical results; D. Robustness analysis; Alternative estimation approaches; Additional country characteristics; Robustness to alternative time period; VI. Conclusions; References; List of figures. | |
| 505 | 8 | |a Figure 1 Syndicated vs. total loan exposuresFigure 2 Syndicated vs. non-syndicated loan exposures; List of tables; Table 1 List of countries in the sample; Table 2 Variable sources and definitions; Table 3 Descriptive statistics; Table 4 Drivers of syndicated and non-syndicated loan exposures -- Baseline; Table 5 Drivers of syndicated and non-syndicated loan exposures -- Interactions with indicator for global financial crisis; Table 6 Alternative estimation approach -- Country-pair effects; Table 7 Alternative specifications -- Additional lender country characteristics. | |
| 505 | 8 | |a Table 8 Alternative specifications -- Additional borrower country characteristicsAppendix; I. Data sources and description; A. Syndicated loans; B. Structure and evolution of the syndicated loan market (1995-2012); List of appendix tables; Table A1. Imputing loan shares; List of appendix figures; Figure A1. The syndicated loan market; C. BIS International Banking Statistics; II. Adjustments to BIS and Loan Analytics data; A. Aggregating syndicated loans on a consolidated and locational basis; B. Comparing the same type of exposures; C. Ensuring the same reporting group. | |
| 505 | 8 | |a Figure A2. Syndicated loan exposures and BIS total claimsD. Estimating credit line usage rates; E. Breaking down total cross-border loan exposures; Figure A3. Composition of banks' international positions; Figure A4. Composition of bank cross-border loan exposures; III. Additional results; Table B1. Co-movement between SLEs and BIS total loan claims; Figure B1. Share of SLEs in BIS total loan claims; Table B2. Unconditional correlation matrices; Table B3. Drivers -- Interactions with global financial crisis -- AE borrowers. | |
| 505 | 8 | |a Table B4. Drivers -- Interactions with global financial crisis -- EME borrowersTable B5. Robustness to adding lagged dependent variable; Table B6. Robustness to alternative sample period; Table B7. Allowing for threshold effects of lender regulatory capital; Table B8. Probability of no within-pair syndication activity. | |
| 650 | 0 | |a Banks and banking, International. |0 http://id.loc.gov/authorities/subjects/sh85011656 | |
| 650 | 0 | |a Loans, Foreign. |0 http://id.loc.gov/authorities/subjects/sh85077872 | |
| 650 | 0 | |a Global Financial Crisis, 2008-2009. |0 http://id.loc.gov/authorities/subjects/sh2009003683 | |
| 650 | 6 | |a Banques internationales. | |
| 650 | 6 | |a Prêts étrangers. | |
| 650 | 6 | |a Crise financière mondiale, 2008-2009. | |
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| author | Cerutti, Eugenio Hale, Galina Minoiu, Camelia, 1977- |
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| contents | Cover; Contents; I. Introduction; II. Features and history of the syndicated loan market; III. Data; IV. The syndicated loan market and total cross-border bank lending activity; A. Constructing syndicated loan exposures; B. The composition of cross-border bank loan exposures; V. Drivers of cross-border bank lending activity; A. Hypotheses and variables; B. Regression specification; C. Empirical results; D. Robustness analysis; Alternative estimation approaches; Additional country characteristics; Robustness to alternative time period; VI. Conclusions; References; List of figures. Figure 1 Syndicated vs. total loan exposuresFigure 2 Syndicated vs. non-syndicated loan exposures; List of tables; Table 1 List of countries in the sample; Table 2 Variable sources and definitions; Table 3 Descriptive statistics; Table 4 Drivers of syndicated and non-syndicated loan exposures -- Baseline; Table 5 Drivers of syndicated and non-syndicated loan exposures -- Interactions with indicator for global financial crisis; Table 6 Alternative estimation approach -- Country-pair effects; Table 7 Alternative specifications -- Additional lender country characteristics. Table 8 Alternative specifications -- Additional borrower country characteristicsAppendix; I. Data sources and description; A. Syndicated loans; B. Structure and evolution of the syndicated loan market (1995-2012); List of appendix tables; Table A1. Imputing loan shares; List of appendix figures; Figure A1. The syndicated loan market; C. BIS International Banking Statistics; II. Adjustments to BIS and Loan Analytics data; A. Aggregating syndicated loans on a consolidated and locational basis; B. Comparing the same type of exposures; C. Ensuring the same reporting group. Figure A2. Syndicated loan exposures and BIS total claimsD. Estimating credit line usage rates; E. Breaking down total cross-border loan exposures; Figure A3. Composition of banks' international positions; Figure A4. Composition of bank cross-border loan exposures; III. Additional results; Table B1. Co-movement between SLEs and BIS total loan claims; Figure B1. Share of SLEs in BIS total loan claims; Table B2. Unconditional correlation matrices; Table B3. Drivers -- Interactions with global financial crisis -- AE borrowers. Table B4. Drivers -- Interactions with global financial crisis -- EME borrowersTable B5. Robustness to adding lagged dependent variable; Table B6. Robustness to alternative sample period; Table B7. Allowing for threshold effects of lender regulatory capital; Table B8. Probability of no within-pair syndication activity. |
| ctrlnum | (OCoLC)893439752 |
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| dewey-search | 332/.042 |
| dewey-sort | 3332 242 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| era | 2008-2009 fast |
| era_facet | 2008-2009 |
| format | Electronic eBook |
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We show that on-balance sheet syndicated loan exposures account for almost one third of total cross-border loan exposures during this period. Furthermore, syndicated loan exposures increased during the global financial crisis due to large drawdowns on credit lines extended before the crisis. Our empirical analysis of the drivers of cross-border loan exposures in a large bilateral dataset shows three main results. First, banks with lower levels of capital favor syndicated over other kinds of cross-border loans. Second, borrower country characteristics such as level of development, economic size, and capital account openness, are less important in driving syndicated than non-syndicated loan activity, suggesting a diversification motive for syndication. 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| illustrated | Illustrated |
| indexdate | 2024-07-16T15:04:04Z |
| institution | BVB |
| institution_GND | http://id.loc.gov/authorities/names/n77001219 |
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| series | IMF working paper ; |
| series2 | IMF working paper ; |
| spelling | Cerutti, Eugenio, author. http://id.loc.gov/authorities/names/n2005079763 Financial crises and the composition of cross-border lending / prepared by Eugenio Cerutti, Galina Hale, and Camelia Minoiu. [Washington, D.C.] : International Monetary Fund, ©2014. 1 online resource (59 pages) : color illustrations text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF working paper ; WP/14/185 "October 2014." "Research Department." Includes bibliographical references (pages 27-31). We examine the composition and drivers of cross-border bank lending between 1995 and 2012, distinguishing between syndicated and non-syndicated loans. We show that on-balance sheet syndicated loan exposures account for almost one third of total cross-border loan exposures during this period. Furthermore, syndicated loan exposures increased during the global financial crisis due to large drawdowns on credit lines extended before the crisis. Our empirical analysis of the drivers of cross-border loan exposures in a large bilateral dataset shows three main results. First, banks with lower levels of capital favor syndicated over other kinds of cross-border loans. Second, borrower country characteristics such as level of development, economic size, and capital account openness, are less important in driving syndicated than non-syndicated loan activity, suggesting a diversification motive for syndication. Third, information asymmetries between lender and borrower countries, which are important both in normal and crisis times, became more binding for both types of cross-border lending activity during the recent crisis.--Abstract. Online resource; title from pdf title page (IMF.org Web site, viewed October 2014). Cover; Contents; I. Introduction; II. Features and history of the syndicated loan market; III. Data; IV. The syndicated loan market and total cross-border bank lending activity; A. Constructing syndicated loan exposures; B. The composition of cross-border bank loan exposures; V. Drivers of cross-border bank lending activity; A. Hypotheses and variables; B. Regression specification; C. Empirical results; D. Robustness analysis; Alternative estimation approaches; Additional country characteristics; Robustness to alternative time period; VI. Conclusions; References; List of figures. Figure 1 Syndicated vs. total loan exposuresFigure 2 Syndicated vs. non-syndicated loan exposures; List of tables; Table 1 List of countries in the sample; Table 2 Variable sources and definitions; Table 3 Descriptive statistics; Table 4 Drivers of syndicated and non-syndicated loan exposures -- Baseline; Table 5 Drivers of syndicated and non-syndicated loan exposures -- Interactions with indicator for global financial crisis; Table 6 Alternative estimation approach -- Country-pair effects; Table 7 Alternative specifications -- Additional lender country characteristics. Table 8 Alternative specifications -- Additional borrower country characteristicsAppendix; I. Data sources and description; A. Syndicated loans; B. Structure and evolution of the syndicated loan market (1995-2012); List of appendix tables; Table A1. Imputing loan shares; List of appendix figures; Figure A1. The syndicated loan market; C. BIS International Banking Statistics; II. Adjustments to BIS and Loan Analytics data; A. Aggregating syndicated loans on a consolidated and locational basis; B. Comparing the same type of exposures; C. Ensuring the same reporting group. Figure A2. Syndicated loan exposures and BIS total claimsD. Estimating credit line usage rates; E. Breaking down total cross-border loan exposures; Figure A3. Composition of banks' international positions; Figure A4. Composition of bank cross-border loan exposures; III. Additional results; Table B1. Co-movement between SLEs and BIS total loan claims; Figure B1. Share of SLEs in BIS total loan claims; Table B2. Unconditional correlation matrices; Table B3. Drivers -- Interactions with global financial crisis -- AE borrowers. Table B4. Drivers -- Interactions with global financial crisis -- EME borrowersTable B5. Robustness to adding lagged dependent variable; Table B6. Robustness to alternative sample period; Table B7. Allowing for threshold effects of lender regulatory capital; Table B8. Probability of no within-pair syndication activity. Banks and banking, International. http://id.loc.gov/authorities/subjects/sh85011656 Loans, Foreign. http://id.loc.gov/authorities/subjects/sh85077872 Global Financial Crisis, 2008-2009. http://id.loc.gov/authorities/subjects/sh2009003683 Banques internationales. Prêts étrangers. Crise financière mondiale, 2008-2009. Banks and banking, International fast Loans, Foreign fast Global Financial Crisis (2008-2009) fast (OCoLC)fst01755654 https://id.oclc.org/worldcat/entity/E39Qhp4vBbr3T8xBMDbJhDhGmm 2008-2009 fast Hale, Galina, author. http://id.loc.gov/authorities/names/no2006037769 Minoiu, Camelia, 1977- author. https://id.oclc.org/worldcat/entity/E39PCjwrBQJHQDRxGkJPXJ6JCP http://id.loc.gov/authorities/names/no2008128288 International Monetary Fund. Research Department, issuing body. http://id.loc.gov/authorities/names/n77001219 has work: Financial crises and the composition of cross-border lending (Text) https://id.oclc.org/worldcat/entity/E39PCFxBxG8tDQkpGwtBtrb7h3 https://id.oclc.org/worldcat/ontology/hasWork IMF working paper ; WP/14/185. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1254169 Volltext |
| spellingShingle | Cerutti, Eugenio Hale, Galina Minoiu, Camelia, 1977- Financial crises and the composition of cross-border lending / IMF working paper ; Cover; Contents; I. Introduction; II. Features and history of the syndicated loan market; III. Data; IV. The syndicated loan market and total cross-border bank lending activity; A. Constructing syndicated loan exposures; B. The composition of cross-border bank loan exposures; V. Drivers of cross-border bank lending activity; A. Hypotheses and variables; B. Regression specification; C. Empirical results; D. Robustness analysis; Alternative estimation approaches; Additional country characteristics; Robustness to alternative time period; VI. Conclusions; References; List of figures. Figure 1 Syndicated vs. total loan exposuresFigure 2 Syndicated vs. non-syndicated loan exposures; List of tables; Table 1 List of countries in the sample; Table 2 Variable sources and definitions; Table 3 Descriptive statistics; Table 4 Drivers of syndicated and non-syndicated loan exposures -- Baseline; Table 5 Drivers of syndicated and non-syndicated loan exposures -- Interactions with indicator for global financial crisis; Table 6 Alternative estimation approach -- Country-pair effects; Table 7 Alternative specifications -- Additional lender country characteristics. Table 8 Alternative specifications -- Additional borrower country characteristicsAppendix; I. Data sources and description; A. Syndicated loans; B. Structure and evolution of the syndicated loan market (1995-2012); List of appendix tables; Table A1. Imputing loan shares; List of appendix figures; Figure A1. The syndicated loan market; C. BIS International Banking Statistics; II. Adjustments to BIS and Loan Analytics data; A. Aggregating syndicated loans on a consolidated and locational basis; B. Comparing the same type of exposures; C. Ensuring the same reporting group. Figure A2. Syndicated loan exposures and BIS total claimsD. Estimating credit line usage rates; E. Breaking down total cross-border loan exposures; Figure A3. Composition of banks' international positions; Figure A4. Composition of bank cross-border loan exposures; III. Additional results; Table B1. Co-movement between SLEs and BIS total loan claims; Figure B1. Share of SLEs in BIS total loan claims; Table B2. Unconditional correlation matrices; Table B3. Drivers -- Interactions with global financial crisis -- AE borrowers. Table B4. Drivers -- Interactions with global financial crisis -- EME borrowersTable B5. Robustness to adding lagged dependent variable; Table B6. Robustness to alternative sample period; Table B7. Allowing for threshold effects of lender regulatory capital; Table B8. Probability of no within-pair syndication activity. Banks and banking, International. http://id.loc.gov/authorities/subjects/sh85011656 Loans, Foreign. http://id.loc.gov/authorities/subjects/sh85077872 Global Financial Crisis, 2008-2009. http://id.loc.gov/authorities/subjects/sh2009003683 Banques internationales. Prêts étrangers. Crise financière mondiale, 2008-2009. Banks and banking, International fast Loans, Foreign fast |
| subject_GND | http://id.loc.gov/authorities/subjects/sh85011656 http://id.loc.gov/authorities/subjects/sh85077872 http://id.loc.gov/authorities/subjects/sh2009003683 (OCoLC)fst01755654 |
| title | Financial crises and the composition of cross-border lending / |
| title_auth | Financial crises and the composition of cross-border lending / |
| title_exact_search | Financial crises and the composition of cross-border lending / |
| title_full | Financial crises and the composition of cross-border lending / prepared by Eugenio Cerutti, Galina Hale, and Camelia Minoiu. |
| title_fullStr | Financial crises and the composition of cross-border lending / prepared by Eugenio Cerutti, Galina Hale, and Camelia Minoiu. |
| title_full_unstemmed | Financial crises and the composition of cross-border lending / prepared by Eugenio Cerutti, Galina Hale, and Camelia Minoiu. |
| title_short | Financial crises and the composition of cross-border lending / |
| title_sort | financial crises and the composition of cross border lending |
| topic | Banks and banking, International. http://id.loc.gov/authorities/subjects/sh85011656 Loans, Foreign. http://id.loc.gov/authorities/subjects/sh85077872 Global Financial Crisis, 2008-2009. http://id.loc.gov/authorities/subjects/sh2009003683 Banques internationales. Prêts étrangers. Crise financière mondiale, 2008-2009. Banks and banking, International fast Loans, Foreign fast |
| topic_facet | Banks and banking, International. Loans, Foreign. Global Financial Crisis, 2008-2009. Banques internationales. Prêts étrangers. Crise financière mondiale, 2008-2009. Banks and banking, International Loans, Foreign |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1254169 |
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