Banking Globalization, Monetary Transmission, and the Lending Channel
---- Acknowledgements -----
The views expressed in this paper are those of the individual authors and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System. We appreciate valuable discussions with Jeremy Stein, Phil Strahan and Adam Ashcraft. We also thank Sarita Subramanian, Nikki Candelore and Victoria Baranov for research assistance. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.