Global retail lending in the aftermath of the US financial crisis: Distinguishing between supply and demand effects

Forthcoming in Journal of Financial Economics. We thank Sanvi Avouyi-Dovi, Hans Degryse, Enrica Detragiache, Valeriya Dinger, Andrew Ellul, Mark Flannery, Nils Friewald, Luigi Guiso, Andreas Hackethal, Victoria Ivashina, Michael Kötter, Hamid Mehran, José-Luis Peydro, Harry Schmidt, Bill Schwert (the editor), Berk Sensoy, David Smith (the referee), Phil Strahan, Marcel Tyrell, Vikrant Vig, Mark Wahrenburg, as well as seminar participants at the 2010 Western Finance Association (WFA) meetings, 2010 Financial Intermediation Research Society (FIRS) conference, 2010 Interdisciplinary Center (IDC) Herzliya conference, 2010 American Finance Association (AFA) meetings, 2009 UniCredit conference in Rome, 2009 Federal Deposit Insurance Corporation's Center for Financial Research (FDIC CFR) workshop, second Centre for Economic Policy Research and the European Banking Center and the University of Antwerp (CEPR-EBC-UA) Conference on Competition in Banking Markets, 2009 European Central Bank and the Center for Financial Studies (ECB-CFS) Research Network Conference, 2009 CEPR meetings in Gerzensee, Business Models in Banking Conference at Bocconi, FDIC Ninth Annual Bank Research Conference, Recent Developments in Consumer Credit and Payments Conference at Federal Reserve Bank Philadelphia, German Finance Association annual meeting, Bruegel, Deutsche Bundesbank, Duke University, ESMT, HEC Lausanne, Tilburg University, University of Amsterdam, University of Mannheim, and University of North Carolina. We are grateful to the FDIC for funding and to the German Savings Bank Association for access to data. Jörg Rocholl acknowledges support from the Peter-Curtius Foundation. Sascha Steffen acknowledges support from Deutsche Forschungsgemeinschaft (Grant Ste 1836/1-1). The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.