global factors driving cross-border bank flows, alongside country-specific factors. It confirms the explanatory power of US … financial conditions, with flows decreasing in market volatility (VIX) and term premia, and increasing in bank leverage, growth … frameworks and better bank regulation, but less so for flows to non-financial firms …

associated with loan terms, we document that longer firm-bank relationships deepen private information often strongly nonlinear … firms, smaller, leveraged, and illiquid banks, at longer firm-bank distances, and during non-COVID times. …