Channels of Transmission of the 2007/09 Global Crisis to International Bank Lending in Developing Countries
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World Bank, Washington, DC
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During a financial crisis, credit
provision by international banks may be stymied by three
distinct, but related, channels: changes in lending
standards as a result of increased economic uncertainty,
changes in funding availability from interbank liquidity
markets, and changes in solvency due to effects on bank
balance sheets. This paper illuminates the manner by which
each of these channels independently operated to affect
developed-country bank lending in developing countries
during the global financial crisis of 2007/09. It quantifies
how changes in banks' uncertainty about the value of
their asset holdings, access to interbank liquidity, and
internal balance sheet considerations altered their supply
of credit in the run-up, during, and in the immediate
aftermath of the financial crisis, both in terms of their
relative magnitudes, as well as the sensitivity of these
magnitudes to the crisis.
Palabras clave
ACCELERATOR, ACCESS TO CREDIT, ACCOUNTING, AFFILIATES, AGRICULTURE, AIC, ALLOCATION OF CREDIT, ASSET HOLDINGS, ASSET MARKETS, ASSET PRICE, ASSET PRICES, AUCTION, AVAILABILITY OF CREDIT, BALANCE SHEET, BALANCE-SHEET, BANK ACTIVITY, BANK BALANCE SHEET, BANK BALANCE SHEETS, BANK BEHAVIOR, BANK BONDS, BANK CREDIT, BANK LIQUIDITY, BANK LOAN, BANK LOANS, BANK ORIGIN, BANKING ASSETS, BANKING SECTOR, BANKRUPTCY, BENCHMARK, BID, BINDING CONSTRAINT, BORROWER, BORROWING, BORROWING COSTS, BORROWINGS, CAPITAL MARKETS, CD, CDS, CENTRAL BANK, CENTRAL BANKS, CERTIFICATE OF DEPOSIT, CERTIFICATES OF DEPOSIT, CHANNELS OF CREDIT, CHECKS, COMMERCIAL CREDIT, COMMERCIAL LOAN, COMMERCIAL LOAN MARKET, COMMERCIAL PAPER, COMPARATIVE ECONOMICS, CORPORATE INVESTMENT, COST OF CAPITAL, COUPON, COUPON PAYMENTS, CREDIT ACCESS, CREDIT ALLOCATION, CREDIT AVAILABILITY, CREDIT CRUNCH, CREDIT DEFAULT, CREDIT DEFAULT SWAP, CREDIT DEFAULT SWAPS, CREDIT LINES, CREDIT MARKET, CREDIT MARKETS, CREDIT PROVISION, CREDIT RATIONING, CREDIT RISK, CREDIT WORTHINESS, CREDITWORTHY BORROWERS, CRISIS LENDING, CURRENCY, CURRENCY CRISES, DEBT, DEBT CRISIS, DEBT OBLIGATIONS, DEGREE OF LIQUIDITY, DEGREE OF RISK, DEMAND-SIDE FACTORS, DEPENDENCY RATIO, DEPENDENT, DEPOSITS, DERIVATIVE, DERIVATIVES, DEVELOPING COUNTRIES, DEVELOPING COUNTRY, DEVELOPMENT ECONOMICS, DEVELOPMENT POLICY, DIVIDEND, DOMESTIC BANK, DOMESTIC BANKS, DOMESTIC CREDIT, ECONOMIC POLICY, ECONOMIC RESEARCH, ELASTICITY, EMERGING ECONOMIES, EMERGING MARKET, EMERGING MARKETS, EUROPEAN CENTRAL BANK, EXCHANGE RATE, EXCHANGE RATES, EXPECTED VALUE, EXTERNAL FINANCE, FEDERAL RESERVE, FINANCIAL CONTAGION, FINANCIAL CRISES, FINANCIAL CRISIS, FINANCIAL DATA, FINANCIAL INSTITUTIONS, FINANCIAL INTERMEDIATION, FINANCIAL MARKETS, FINANCIAL SHOCKS, FINANCIAL STABILITY, FINANCIAL STRESS, FINANCIAL SUPPORT, FIXED RATE, FLOW OF CREDIT, FOREIGN BANK, FOREIGN BANK ENTRY, FOREIGN BANK PARTICIPATION, FOREIGN BANK PENETRATION, FOREIGN BANKS, FOREIGN CLAIMS, FOREIGN CURRENCIES, FOREIGN EXCHANGE, FOREIGN LENDERS, FUTURE RESEARCH, GDP, GLOBAL BANKING, GROSS DOMESTIC PRODUCT, HOST COUNTRY, HOST ECONOMIES, HOST ECONOMY, IMPLIED VOLATILITY, INCOME, INFLATION, INFLATION RATE, INFLATION RATES, INFORMATIONAL ASYMMETRIES, INSTRUMENT, INTERBANK MARKETS, INTEREST RATE, INTEREST RATE SPREADS, INTEREST RATES, INTERNAL FINANCING, INTERNAL FUNDS, INTERNATIONAL BANK, INTERNATIONAL BANK LENDING, INTERNATIONAL BANKING, INTERNATIONAL BANKS, INTERNATIONAL INVESTORS, INTERNATIONAL LENDING, INVESTMENT VEHICLES, LARGE FIRMS, LENDERS, LIQUID ASSETS, LIQUIDITY, LIQUIDITY CONSTRAINT, LIQUIDITY CONSTRAINTS, LIQUIDITY MANAGEMENT, LIQUIDITY PROBLEMS, LIQUIDITY RISK, LOAN ASSETS, LOAN DEMAND, LOAN MARKET, LOAN OFFICER, LOAN OFFICERS, LOAN PRINCIPAL, LOANABLE FUNDS, LOCAL BANKS, LOCAL CURRENCY, MACROECONOMICS, MARGINAL VALUE, MARKET CONDITIONS, MARKET LIQUIDITY, MARKET PARTICIPANTS, MONETARY POLICY, MONETARY SHOCKS, MONEY MARKET, MORTGAGE, MORTGAGE CREDIT, MORTGAGE-BACKED SECURITIES, NATIONAL SAVING, NET WORTH, NEW CREDIT, OPEN ECONOMIES, OPPORTUNITY COST, OUTSTANDING LOANS, POLICY ENVIRONMENT, POLICY RESPONSE, PORTFOLIO, PORTFOLIOS, POSITIVE COEFFICIENT, PRICE INDEXES, PRICE VOLATILITY, PRIMARY MARKETS, RATE OF RETURN, REAL GROSS DOMESTIC PRODUCT, REAL INTEREST, REAL INTEREST RATES, RECESSION, RETURNS, RISK AVERSION, RISK EXPOSURE, SECURITIES MARKET, SHORT-TERM LIQUIDITY, SMALL BUSINESS, SMALL BUSINESSES, SOLVENCY, SOLVENCY PROBLEMS, SOVEREIGN DEBT, STOCK MARKET, SUPPLY OF CREDIT, SWAP, TRANSMISSION OF MONETARY POLICY, UNSECURED LOANS, UTILITY FUNCTION, VALUATION, VALUATIONS, WEALTH