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How Has the Global Financial Crisis Aff ected Syndicated Loan Terms in Emerging Markets? Evidence from China
Guglielmo Maria Caporale, Suman Lodh 2015-05-28
This paper examines the impact of the recent global financial crisis on the cost of debt capital (syndicated loans) in a leading emerging market, namely China, using difference-in-differences and GARCH approaches. Before the crisis China adopted
banking reforms allowing entry of foreign banks and more domestic participation in the syndicated loan market. As a result, during the crisis the volume of syndicated loans grew steadily, in contrast to other countries. In addition, the amount of foreign syndicated loans decreased and average maturity increased compared to the precrisis period. Our findings provide useful information to policy makers to devise effective responses to financial crises.
이전글 | 丝绸之路经济带与21世纪海上丝绸之路 | 2015-05-28 |
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다음글 | Latin America and the Caribbean and China-Towards a new era in economic cooperation | 2015-05-28 |