international bank dependencies arising from common risk factors, while recessions in real sectors due to bank defaults should be a …

-of-payments, view. They show that what appears to be a global shrinkage of bank positions is actually driven by European banks. These … dataset of banks' affiliates (branches and subsidiaries), we demonstrate that the who (i.e., bank nationality) accounts for … more of the peak-to-trough shrinkage in foreign claims than does the where (i.e., locational factors). We relate bank …