address the following questions. How are macroeconomic shocks transmitted to bank risk and other banking variables? What are … the sources of bank heterogeneity, and what explains differences in individual banks’ responses to macroeconomic shocks …? Our paper has two main findings: (i) Average bank risk declines, and average bank lending increases following expansionary …

Modern trade theory emphasizes firm-level productivity differentials to explain the cross-border activities of non …-financial firms. This study tests whether a productivity pecking order also determines international banking activities. Using a novel … probit. Four main findings emerge. First, similar to results for non-financial firms, a productivity pecking order drives …

Modern trade theory emphasizes firm-level productivity differentials to explain the cross-border activities of non …-financial firms. This study tests whether a productivity pecking order also determines international banking activities. Using a novel … probit. Four main findings emerge. First, similar to results for non-financial firms, a productivity pecking order drives …

productivity, financial constraints and labor market constraints might constitute barriers to entry into foreign markets. We … size and productivity on firms’ international activities. Second, small firms suffer more frequently from financial … ; productivity ; financial constraints ; labor market constraints …

Modern trade theory emphasizes firm-level productivity differentials to explain the cross-border activities of non …-financial firms. This study tests whether a productivity pecking order also determines international banking activities. Using a novel … probit. Four main findings emerge. First, similar to results for non-financial firms, a productivity pecking order drives …

Modern trade theory emphasizes firm-level productivity differentials to explain the cross-border activities of non …-financial firms. This study tests whether a productivity pecking order also determines international banking activities. Using a novel … probit. Four main findings emerge. First, similar to results for non-financial firms, a productivity pecking order drives …