financial crisis (only China was affected). There was no herding during the European debt crisis and COVID. With regard to the … crises. The U.S. ‘fear’ index has a short-lived, limited effect on CSAD/herding (during COVID only) for all countries except …

bigger capital buffer. We conjecture that bank lending to emerging markets during the zero-lower bound period would have been … constrained through the U.S. bank stress tests, reflected in a lower minimum capital ratio in the severely adverse scenario. This … easing when liquidity is abundant, banks are more flexible, and the scope for adjusting lending is larger when they have a …

bigger capital buffer. We conjecture that bank lending to emerging markets during the zero-lower bound period would have been … constrained through the U.S. bank stress tests, reflected in a lower minimum capital ratio in the severely adverse scenario. This … easing when liquidity is abundant, banks are more flexible, and the scope for adjusting lending is larger when they have a …