---- Acknowledgements ----
We thank Rajesh Aggarwal, George-Marios Angeletos, Bo Becker, Frederico Belo, Philip Bond, John Boyd, Lauren Cohen, Emmanuel Farhi, Edward Glaeser, Steven Kaplan, Anil Kashyap, Larry Katz, Owen Lamont, Marco Pagano, Andrei Shleifer, Alp Simsek, Jeremy Stein, Tracy Wang, Ivan Werning and seminar participants at The Einaudi Institute for Economics and Finance in Rome, Harvard Economics department, Harvard Law School, and University of Minnesota Carlson School of Management for useful comments. We thank Joe Peek for providing us guidance in constructing the data on Japanese-affiliated banks. We thank Eduardo Davila and Yu Xu for excellent research assistance. All errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.