NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Bank Relationships, Business Cycles, and Financial Crises

Galina Hale

NBER Working Paper No. 17356
Issued in August 2011

---- Acknowledgements -----

I am grateful to Hiro Miura and Chris Candelaria for outstanding research assistance, to Joshua Aizenman for very helpful conversations, to Matthieu Bussiere, Kristin Forbes, Reuven Glick, Charles Engel, Oscar Jorda, Jean Imbs, as well as the participants at a preconference at the NBER Summer Institute 2010, seminars at the Federal Reserve Bank of San Francisco and the Banque de France, and IBEFA session at 2011 AEA meetings for constructive comments and suggestions. I am grateful to Anita Todd for help with preparing the draft. All errors are mine. All views presented in this paper are mine and do not necessarily represent the views of the Federal Reserve Bank of San Francisco, the Federal Reserve Board of Governors, or the National Bureau of Economic Research.

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