| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8337 |
| DP8337 The Flight Home Effect: Evidence from the Syndicated Loan Market During Financial Crises | |
| Mariassunta Giannetti; Luc Laeven | |
| 发表日期 | 2011-04-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | In the context of the global market for syndicated bank loans, we provide evidence that the collapse of international markets during financial crises can in part be explained by a flight home effect. We show that the home bias of lenders? loan origination increases by approximately 20 percent if the bank?s country of origin experiences a banking crisis. Banks with less stable funding sources, being more vulnerable to liquidity shocks, exhibit a stronger flight home effect. This flight home effect is distinct from a flight to quality effect because borrowers in emerging markets and advanced economies are similarly affected by the lenders? portfolio rebalancing in favor of domestic borrowers. Similarly, the flight home of international lenders does not appear to be exclusively away from countries with weak investor protection or from borrowers with lower credit ratings. Overall, the results indicate that the home bias of international capital allocation tends to increase in the presence of adverse economic shocks affecting the net wealth of international investors. |
| 主题 | Financial Economics |
| 关键词 | Financial crisis Home bias Flight to quality Syndicated loans |
| URL | https://cepr.org/publications/dp8337 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537164 |
| 推荐引用方式 GB/T 7714 | Mariassunta Giannetti,Luc Laeven. DP8337 The Flight Home Effect: Evidence from the Syndicated Loan Market During Financial Crises. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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